CAMAC Energy discovers four new oil and gas reservoirs in Oyo-8

CAMAC Energy Inc., an independent oil and gas exploration and production company focused on energy resources in Africa, on Monday announced it discovered four new oil and gas reservoirs  in the Oyo-8 development well located offshore Nigeria in Oil Mining Lease (OML) 120.

Announcing its preliminary results, the energy firm said: “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. CAMAC Energy is pleased to announce Oyo-8 was drilled to a total depth (TD) of 6,059 feet, and successfully encountered four new oil and gas reservoirs with total gross hydrocarbon thickness of 112 feet based on results from the logging-while-drilling (LWD) data, reservoir pressure measurement, and reservoir fluid sampling.”

The well 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.

Management Comments

“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, Senior Vice President 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.”

Press Release