“We are delighted to have successfully concluded a farm-out on OPL 310, offshore Nigeria and welcome Lekoil as a partner in exploring the significant potential of this under-explored region of the West African Transform Margin,” said Osman Shahenshah, chief executive officer of Afren, in a press release.
Afren, under the terms of the agreement, would relinquish a 17.14 percent interest in the license to Lekoil, pending Nigerian government approval.
The indigenous Nigerian company, Optimum Petroleum Development Limited, is the operator of the block and will continue to hold a 60 percent participating interest.
Afren said in a press release that the GSF Monitor spud the Ogo prospect which is a four-way dip-closed structure in the Turonian to Albian sandstone reservoirs. The well is targeting 78 million barrels of oil equivalent of gross P50 prospective resources.
Drilling, which commenced April 23 and is currently at a depth of 3,500 feet, is expected to last 90 days. It includes a planned sidetrack which will test a new play of stratigraphically trapped sediments that pinch-out onto the basement high targeting 124 million barrels of oil equivalent of gross P50 prospective resources.