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CAMAC Energy discovers multiple oil, gas reservoirs

HOUSTON -- CAMAC Energy has announced the preliminary results of a successful Oyo field development well offshore Nigeria in OML 120.

The Oyo-8 well commenced drilling operations on June 15, 2014, and has both a vertical and a horizontal section. The vertical section was designed to test for additional hydrocarbons in the previously undrilled Eastern fault block of the Oyo field.
 
Oyo-8 was drilled to a total depth of 6,059 ft, and successfully encountered four new oil and gas reservoirs with total gross hydrocarbon thickness of 112 ft based on results from the LWD data, reservoir pressure measurement, and reservoir fluid sampling. The well will now be completed horizontally as a producing well in the Pliocene formation of the Central Oyo field. Oyo-7, which was successfully drilled in October 2013, will also be completed horizontally in the Pliocene formation of the Central Oyo field.

"This is an excellent result from the vertical section of Oyo-8, as it positively established oil presence in new reservoirs in the Eastern fault block. We have commenced a detailed evaluation of the results with a view to establishing the size of the incremental reserve additions," said Segun Omidele, S.V.P. of Exploration and Production. "We are one step closer to bringing these two high-impact development wells on production that will generate immediate revenues, cash flow, and earnings for our shareholders."

08/06/2014

 

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