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Wednesday, April 9, 2014
After waiting nine years for the first well to spud on the Ntem Concession offshore Cameroon, the results were not all that could be hoped for. The Bamboo-1 well, drilled by Murphy Oil and Sterling Energy, spud on February 9 and was drilled to a total depth of 4,747 meters without encountering any commercial hydrocarbons.
The well was designed to target a series of stacked Cretaceous aged, basin floor submarine fans, the main target being the Bamboo fan. The well encountered all pre-drill targets but analysis of the data indicate that no commercial hydrocarbons were found and the well will now be plugged and abandoned.
According to Sterling the data from the well will be analyzed in detail and the results used to update the assessment of the remaining prospectivity of the concession. The current phase of the Ntem concession runs to April 2015, with the option to extend the exploration term by a further two years.
Sterling Cameroon Ltd. (Sterling) has a 50% non-operated working interest in the Ntem Concession. Murphy, under the terms of the farm-in agreement signed in 2011, will pay Sterling’s share of the costs for the drilling of the Bamboo-1 well.
Alastair Beardsall, chairman and acting CEO of Sterling Energy Plc, commented: “Bamboo-1 was the first well in a large unexplored area. We have identified further Cretaceous and Tertiary prospects in the Ntem block and these will be re-evaluated with the significant new data from Bamboo-1 before determining our future plan for the Ntem block.”
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