NEW DISCOVERY OF GAS AND CONDENSATE IN EQUATORIAL GUINEA
A new, significant discovery of gas and condensate has been made at the Yolanda prospect in Block I in Equatorial Guinea. This is the second discovery of hydrocarbons made in Block I. PA Resources has a six percent participating interest in the license. The operator Noble Energy, Inc. today announced a new discovery on Block I offshore Equatorial Guinea. The ‘I-3’ well, which tested the Yolanda prospect, encountered a high quality Miocene reservoir containing 14 meters of net hydrocarbon pay.
Production tests from the well yielded flow rates of 371 barrels per day of condensate and 36 million cubic feet per day of natural gas, or approximately 6,371 barrels of oil equivalent per day, with production rates limited by test facilities. The well was drilled to a total depth of 9,482 feet (2,890 meters).
- The drillings at Block I in Equatorial Guinea have been a great success. They have proved the presence of significant oil and gas resources in the area. So far, we have found two significant hydrocarbon reservoirs. More prospects will be drilled and we expect to make more discoveries in the license area, says Ulrik Jansson, President and CEO at PA Resources.
The Yolanda discovery, located in 896 meters of water, is approximately 48 kilometers east of Bioko Island and 10 kilometers south of the Benita discovery, which is also on Block I.
The Songa Saturn drillship will remain on Block “I” where it will move to test an additional Miocene exploration prospect that is on trend with the Belinda discovery located on Block “O” offshore Equatorial Guinea.
Noble Energy is the Technical Operator of Block I with a 40 percent participating interest. Its partners on
the block include Atlas Petroleum International Limited (29 percent participating interest), who is the Administrative Operator, Glencore Exploration Ltd. (25 percent participating interest) and Osborne Resources Limited, a company within the PA Resources Group (six percent participating interest).
GEPetrol (the national oil company of the Republic of Equatorial Guinea) has a five percent carried interest once commerciality has been determined.
