21 February 2013

Liberia: AP Reports New Oil Found Here

Photo: Africa Undisguised
An oil rig.

The African Petroleum Corporation Limited or AP says it has made some new oil discovery off the Liberian waters. The company in a joint statement released with the National Oil Company of Liberia or NOCAL on Wednesday said it encountered the 48 meters of oil bearing Turonian sandstone, at the Bee Eater-1 Well in Multiple Zones in Block LB-09 in the same sequence as a previous discovery in Narina-1.

In an apparent continuation of managing public expectation on the oil sector, African Petroleum and the regulating body, National Oil Company of Liberia (NOCAL) jointly issued a release in Monrovia Tuesday, revealing that the Bee Eater-1Well was drilled 9.5 km west of the original Narina -1 oil discovery, and was targeting the same formations.

However, the release said the reservoir permeability over the hydrocarbon bearing section of the well are lower than anticipated, saying further investigation is underway.

The release additionally said the company confirms that Bee Eater-1encountered 14 meters of Albian oil bearing sandstone in the Darter prospect, indicating the potential of the Albian play.

Notwithstanding, AP and NOCAL said more studies and more exploration drills will be needed before reserves numbers are confirmed and development planned, "While these results are encouraging and confirming Company hypothesis."

African Petroleum has also indicated that it is currently sourcing an alternative rig to the Eirik Raude, to continue its exploration activities in Liberia.

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