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Tuesday, February 11, 2014
Exploration work has finally commenced on the Ntem Concession offshore Cameroon after being held under force majeure due to a maritime border dispute. Sterling Energy and Murphy Cameroon Ntem Oil Co. have spud their first well on the concession, the Bamboo-1.
The well is being drilled using the Ocean Confidence semisubmersible rig. The well, located approximately 56 kms from the coast of Cameroon, has an estimated target depth of 4,200 meters true vertical depth sub-sea (TVDSS) and will be drilled in a water depth of approximately 1,600 meters. Drilling operations are anticipated to take about 60-70 days.
The Bamboo Prospect is a basin floor fan target within the highly prospective Upper Cretaceous play. A series of stacked fan targets have been identified and will be intersected by the Bamboo-1 well with the primary objective estimated to have a mean un-risked, gross prospective resource of 422 million barrels of oil and 170 Bcf of gas, a total of some 450 million boe.
Sterling Energy Executive Chairman, Alastair Beardsall, said: “We are very pleased that we have commenced the drilling of an exploration well on the highly prospective Ntem Concession.”
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