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Thursday, January 29, 2009
Addax Petroleum has made an oil discovery onshore Nigeria on OML 124, home of the Ossu and Izombe fields. The discovery, which Addax said is “significant,” was made with the drilling of the Njaba 2 well on the eastern portion of OML 124.
According to Addax the Njaba discovery was consistent with its pre-drill estimates. During drilling Addax encountered four oil bearing reservoirs translating into a 289 ft gross oil column, including the two main individual gross columns of 149 ft and 115 ft. Production from the Njaba discovery can be readily tied in to existing production facilities and infrastructure in the OML 124 license area.
Addax said it is continuing to drill into secondary, lower sections relative to the newly discovered oil bearing intervals and plans to carry out a test of the main reservoirs. It also plans to drill an additional appraisal well down-dip of the discovery which may further enhance the recoverable reserves from Njaba.
Commenting, Jean Claude Gandur, President and CEO of Addax Petroleum said: “I am extremely proud to report an excellent start to 2009 with this successful exploration result in Nigeria as it is a leading discovery that has the potential to be one of our largest fields in Nigeria. The Njaba discovery is the first exploration well to be drilled in OML124 since the mid-80’s and these results will increase the production potential of the license area considerably, as well as significantly upgrade the remaining undrilled prospects. This onshore discovery is a further example of Addax Petroleum’s commitment to development in Nigeria. In addition, this recent success represents yet another highlight for our highly prolific Nigerian operations as it will strengthen our record of growth in Nigeria and it underpins our robust and consistent operational performance.”
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