Afren Plc has acquired the residual license interest in Oil Mining Lease (OML) 115 offshore which formally belonged to Energy Equity Resources Oil and Gas (EER).

Located offshore south-east Nigeria, OML 115 is independently certified with prospective resources of 206 million barrels.

A statement by Afren said their commitment is to drill one exploration well on the block by the end of first quarter of 2011.

"Since the original acquisition of an interest in OML 115, we have carried out extensive technical work, identifying greater potential both in the D series reservoir intervals and most recently the up dip potential of the deeper Biafra and Isongo sands, as established by the Ebok Deep Well," said Afren's Chief Executive, Osman Shahenshah.

Under the commercial term of the agreement, Afren will pay EER a contribution towards its back costs, to acquire their 7.5 per cent outstanding interest in OML 115. "This increases Afren's interest to 40 per cent, with oriental Energy resources retaining 60 per cent interest. Afren commitment is to drill one exploration well on the field by the end of the first Quarter 2011," he said.

"Extensive technical work has been carried out on the OML 115, identifying significant additional potential within the D series reservoir intervals", the statement added.

Afren which is an Africa-focused independent oil and gas company based in London is currently producing from its asset offshore in Nigeria and Cote d'Ivoire, with a significant appraisal and development project due onstream in 2010 from Nigeria.