Bayfield Makes O&G Find in Galeota License

Bayfield Energy announced that its first exploration well in the Galeota License, EG8, has been suspended as an oil and gas discovery having reached a total depth of 8,133 feet (2,479 meters). EG8 is located 3,051 feet (930 meters) east of a previous discovery, well EG2, which was drilled in 1978 and tested oil and gas.

EG8 was deviated from its surface location towards the south west in order to target the crestal area of mapped horizons in the prospective EG2/EG5 Central fault block. The well encountered ten hydrocarbon-bearing sandstone reservoir zones between 1,364 feet (416 meters) and 6,000 feet (1,829 meters) below mean sea level. Preliminary analysis indicates that the vertical thickness of net hydrocarbonbearing sands totals 421 feet (128 meters) of which 352 feet (107 meters) is gas and 69 feet (21 meters) is oil. A comprehensive program of logging and sampling has been conducted and samples of oil were collected in the oil zone and a mini drill stem test (mini-DST) was conducted on wireline. The data confirms light oil and good quality reservoir with production potential of over 1,000 barrels of oil per day. Samples of gas and gas condensate were also collected in other reservoirs.

Bayfield is currently integrating the new well data into the 3D seismic mapping to study the impact on contingent and prospective resources. Management believes that EG8 has demonstrated development potential of 32 million barrels (Mmbbls) of oil and 69 billion standard cubic feet (Bscf) of gas in the EG2/EG5/EG8 Central and East fault blocks. Initial interpretation suggests that substantially all of the gas potential lies within the Galeota License though the oil potential extends into an adjacent license in which Bayfield has no participating interest.

The jackup drilling unit, Rowan Gorilla III (450' ILC), will shortly move to the EG7 location to drill the second of Bayfield's seven exploration and appraisal well commitments in the Galeota License.

Bayfield is the operator of the Galeota License area holding a 65% interest, with Petrotrin holding the remaining 35%.

Hywel John, Chief Executive of Bayfield Energy, commented, "The results from EG8 add to our confidence in the prospectivity of the Galeota license and we will continue to focus on the potential for accelerated development and commercialization of hydrocarbons in the East Galeota area."

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