• Camac discovers four oil and gas reservoirs offshore Nigeria

    Camac Energy has discovered multiple oil and gas reservoirs at Oyo field development well offshore Nigeria in Oil Mining Lease (OML) 120.

    The company drilled the Oyo-8 well to a total depth (TD) of 6,059ft and encountered four new oil and gas reservoirs.

    The new reservoirs have a total gross hydrocarbon thickness of 112ft, according to the reservoir pressure measurement, logging-while-drilling (LWD) data and reservoir fluid sampling,

    Drilling operations on the Oyo-8 well, which has both vertical and horizontal sections, has commenced on 15 June 2014.

    The vertical section aims to test for additional hydrocarbons in the previously undrilled Eastern fault block of the Oyo field.

    Camac Energy exploration and production senior vice president Segun Omidele said: "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.

    "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."

    The well is scheduled to be completed horizontally as a producing well in the Pliocene formation of the Central Oyo field.

    Successfully drilled in October 2013, the Oyo-7 will be completed horizontally in the Pliocene formation of the Central Oyo field.

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