29th Dec 2008 11:00
Afren plc (AFR LN)
Completion of the Cuda-1x well offshore Ghana
London, 29 December 2008 - Afren plc ("Afren" or the "Company") announces that drilling operations have been completed at the Cuda-1x exploration well, located in the Eastern Basin offshore Ghana.
The Cuda-1x exploration well, the first well to target the Cretaceous prospectivity in the block, reached a total measured depth of 12,425ft. Drilled in 5,597ft of water by the Transocean Deepwater Discovery drillship, the well encountered an unexpectedly severe high pressure zone in the top of the Upper Cretaceous which ultimately required Cuda-1x to be plugged and abandoned. This was prior to the well penetrating the primary Cretaceous objectives which remain of high potential but untested.
Evaluation of the well results is ongoing and will be incorporated in further prospect evaluation and future well planning on the Keta Block.
Interests in the Keta Block are as follows:
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Afren Energy Ghana Limited |
68% |
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Mitsui E&P Ghana Keta Limited |
20% |
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GNPC |
10% |
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Gulf Atlantic Energy |
2% |
Osman Shahenshah, Chief Executive of Afren, commented:
"Whilst we are disappointed at the outcome of this operation, we remain highly optimistic as to the exploration potential of the Keta block, where several attractive prospects, in addition to Cuda have been identified.
"The Cuda-1 well was targeting a previously unpenetrated section in a sparsely drilled basin, and has provided Afren and its partners with valuable information that will assist future exploration efforts in this world class block which has billion barrel potential"
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Enquiries: |
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Afren plc |
+44 20 7451 9700 |
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Osman Shahenshah |
Chief Executive |
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Galib Virani |
Investor Relations |
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Jefferies |
+44 20 7029 8000 |
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Jack Pryde |
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Merrill Lynch |
+44 20 7996 1000 |
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Andrew Osborne |
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Morgan Stanley |
+44 20 7425 8000 |
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Jon Bathard-Smith |
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Pelham Public Relations |
+44 20 7743 6676 |
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James Henderson |
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Mark Antelme |
Background information
Afren plc
Afren plc (www.afren.com) was founded in 2004 with the vision to become the premier pan-African independent exploration and production Company, through a differentiated strategy based on a strong African representation in the Board and management, partnering with indigenous companies, partnering with National Oil Companies and Governments as well as finding a solution to the vast untapped gas reserves in the Gulf of Guinea. Since the Company's listing on the AIM market in 2005, Afren has rapidly expanded its portfolio to 15 assets across 6 African countries.
Note
In accordance with the AIM Rules, the technical information in this release has been reviewed and signed off by Mr Iain Wright, who is Director of Technical at Afren Plc and has over 25 years relevant experience within the sector. He consents to the information in the form and context in which it appears. The Company estimates its reserves in accordance with the guidelines and definitions of the 2007 SPE/WPC/AAPG/SPEE Petroleum Resource Management System ("PRMS") Classification System.
Related Shares:
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