Africa Oil (CVE:AOI, STO: AOI, 50%) and Tullow Oil (LSE: TLW, operator, 50%) said that they have deepened the Ngamia-1 well to a total depth of 1515 and have encountered in excess of 100 metres of net oil pay in multiple reservoir zones over a 650 metre interval. This is five times the initial announcement amount, with four more good quality, light waxy crude oil-bearing reservoir zones having been encountered.
The work will now continue to further deepen the well. The companies said that additional rigs and seismic will be added to accelerate exploration campaign in the basin as the odds for the remaining assets have considerably improved. Africa Oil’s stock is making another big move up today following the announcement.
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