30th May 2006 07:02
Afren PLC30 May 2006 Obo-1 Discovery in Block 1 of the Nigeria Sao Tome and Principe Joint Development Zone Confirmed Afren (AIM:AFR), the oil and gas company focused on establishing itself as thepremier pan-African independent exploration and production company, announcesthat Chevron, the Operator of Block 1 of the Nigeria Sao Tome and PrincipeJoint Development Zone ("JDZ"), has confirmed that it has discoveredhydrocarbons in the Obo-1 well, which is the first exploration well in thisarea. The Obo-1 well logged a cumulative total of at least 150 feet (45 meters) of nethydrocarbon pay in multiple reservoirs and provided important reservoir rock andliquid samples. The well is located in 1,720 meters of water (5,640 feet) TheJDZ Block-1 is located approximately 190 miles (300 km) north of the city ofSao Tome and approximately 125 miles (200 km) south of the city of PortHarcourt in Nigeria. Chevron JDZ Limited has a 51 percent equity share in the block, ExxonMobil holds40 percent, and Dangote Energy Equity Resources Limited holds the remaining 9percent. Afren plc is the beneficial owner of 49 percent of the equity inDangote Energy Equity Resources Limited, through its wholly owned subsidiaryEnergy Equity Resources A.S. Brian O'Cathain, Chief Executive of Afren commented: "I am delighted that the first well in this area has proven oil and gas. Thisbodes well for the play, and we look forward to further appraisal in thisexciting exploration province." 30 May 2006 For further information, please contact: Afren plcBrian O'Cathain [email protected] +44 (0) 20 7182 1800Osman Shahenshah [email protected] +44 (0) 20 7182 1800 Pelham PublicRelationsJames Henderson [email protected] +44 (0) 20 7743 6673Alisdair [email protected] +44 (0) 20 7743 6676Haythornthwaite Afren is an independent oil and gas exploration, development and productioncompany, established in 2004 to build an attractive, diversified and balancedportfolio of African assets, with an initial focus on the Gulf of Guinea region.Afren's corporate objective is "The creation of substantial shareholder valuethrough preferential access to oil and gas production and exploration acreageacquisition, production growth, deal flow and exploration drilling in Africa." This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
AFR.L