African Petroleum Finds Oil Offshore Liberia

African Petroleum’s second well in Liberia, Narina-1, offshore Block LB-09 (100% WI), has made a significant oil discovery, encountering a total of 32 m of net oil pay in two zones (Turonian – 21 m and Albian -11m).

Good quality oil was found in each zone and hydrocarbon shows were encountered over a 170 m interval in the Turonian with no oil water contact found. Good quality reservoirs were discovered in the Turonian submarine fan system which expands across a prospective area of 250 sq km.

This discovery confirms the prospectivity of both of these highly successful West African exploration plays on African Petroleum’s Blocks LB-08 and LB-09, covering 7,135 sq km. Oil was found in good quality reservoirs in a Turonian submarine fan system extending across a prospective area of 250 sq km. In addition, excellent quality oil was found in the Albian sands nearby to a very large Albian submarine fan prospect.

In the shallower Campanian, Santonian and Coniacian horizons, 216 metres (709 feet) of water bearing net reservoir sands were encountered. Whilst hydrocarbons were not expected due to absence of a prospect trap, the confirmation of good quality thick reservoir sands significantly reduces the risk in a number of large prospects covering 500 plus sq km, at these levels which are known to be oil bearing in the region. In the deeper Cenomanian and Albian 300 metres of source rocks were encountered which will be incorporated into the regional geological model to high grade the prospect portfolio as well as the surrounding open acreage.

The Narina-1 well was drilled by the Maersk Deliverer to a total depth of 4,850 metres (15,912 feet), in a water depth of 1,143 metres (3,750 feet) taking 43 days for completion. African Petroleum owns 100 per cent of Liberia offshore Blocks LB-08 and LB-09.

Commenting, Karl Thompson, African Petroleum’s CEO said:

“Narina-1 has identified a potentially large accumulation of light good quality oil at the Turonian level, as well as excellent quality oil in the Albian.

Additionally, the well found thick reservoir sands in shallower zones and thick source rocks which together with the discoveries in the Turonian and Albian has transformed the prospectivity of Blocks LB-08 and LB-09, and the surrounding open acreage.

African Petroleum has again drilled a very cost effective well, without incident and has established itself amongst the leading operators in deepwater exploration. The Company is focusing on sourcing rigs and we are planning an extensive exploration and appraisal programme in Liberia during 2012.”

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Source: African Petroleum, February 24, 2012