Maurel & Prom, which operates the Onal licence in Gabon in which Irish explorer Tullow Oil has a 7.5 per cent interest, said today the exploration well OMOC-N-1 has identified a 111-metre column of oil in the Grès du Kissenda.
The firm said pump tests have established a flow of 1,700 bpd of oil with an API of 33.4. The characteristics of the oil are similar to Onal's so it can be processed and evacuated using existing facilities.
"The discovery of this oil accumulation confirms the extension of the Grès du Kissenda in the Onal AEE and the importance of this new exploration theme for the entire eastern edge of the Gabon coastal basin where the Group has significant exploration acreage," it said.
"The development expenditure for this discovery will be limited to the amount of the drilling wells and of the laying of collection pipes linking them to the Onal field facilities," the company added.
"Maurel & Prom has an 85 per cent stake in the Onal production licence and is partnered by Tullow and also AICPetrofi, which like Tullow, also has a 7.5 per cent interest.