A Review of the Nigerian Energy Industry

Afren hits new oil in Nigeria’s Okoro field

17 January 2012, Sweetcrude, LONDON – Alfren Plc, the UK oil and gas explorer operating in Nigeria, has discovered new oil and gas at the Okoro East exploration well off southeast Nigeria.

The discovery heralded a five- month jump in the company stocks in London trading.
Announcing the discovery, the London-based company said in a statement Tuesday that it hit 549 feet (167 metres) of so-called net oil pay and 41 feet of net gas pay in “excellent quality reservoir sands.” The well was drilled to a total depth of 8,751 feet, it said.

The statement said: “The well has successfully encountered oil in the Tertiary reservoir sands equivalent to those that have been developed and are in production at the Okoro main field.

“The discovery of significant pay in the previously unexplored deeper zones opens up further prospectivity at similar levels on the main Okoro field and elsewhere on the block.”

Afren rose to a five- month high in London trading after announcing the discovery.
The company rose 15.5 pence to 130.5 pence by 8:36 a.m. in London trading, as much as 15 percent rise, the highest level since August 4. This is brings the year’s gain to 52 percent.

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