1 May 2014

Angola: Sonangol Announces Major Oil Discovery Cuanza Basin

Luanda — The Angolan Oil Company (SONANGOL) announced on Thursday in Luanda the major oil discovery in Cuanza basin.

In press release, SONANGOL announces a recent oil discovery in significant amounts, which occurred in the pre-salt layer of Block 20/11.

Operated by the US Cobalt International Energy, Block 20/11 is located in deep waters of the Cuanza basin.

The note states that well of Orca-1 research, drilled n the pre-salt of the basin, reached a final depth 3.872 metres (12,703 feet).

The note adds that it was successfully tested and produced over 3.700 barrels of oil per day and 16.3 millions cubic metres of gas.

The US Cobalt assesses the reserves ofthe areas estimated at 400 and 700 millions of barrels of oil, reads the communiqué.

Block 20/11 is comprised by Sonangol Research and Production (30%), Cobalt International Energy (40%) and BP Exploration Angola (Kwanza Benguela) with 30%.

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