Following completion of testing operations, a second appraisal well was drilled on the Okoro Field. The well was drilled as a deviated sidetrack from the Okoro-3 wellbore and was designed to further evaluate both reservoirs and provide greater control for planning future horizontal production wells. The Okoro-3 side track was drilled at a maximum inclination of 55 degrees to the west of Okoro-3 and reached a total depth of 6,870ft. A full suite of pressure and log data was acquired and, as planned, the well was not tested. A total of 70ft (True Vertical Depth) of net oil pay was encountered, which was greater than expected at this location. Evaluation of the well results are on-going and preparation and submission of a Field Development Plan for the Okoro and Setu Field development to the Government of Nigeria is scheduled for January 2007.
The two well drilling program - Afren's first as technical operator - was an excellent operational success and was completed on budget and on schedule.
A nine month development drilling program on both the Okoro and Setu Fields is scheduled to commence in Q3 2007 using the GSF Adriatic VI jackup and the Company remains on schedule to achieve first oil in early 2008.
Brian O'Cathain, Chief Executive of Afren, commented:
"We are delighted to have successfully completed Afren's first operated appraisal drilling program on the Okoro Field on budget and on schedule.
This additional penetration of the Okoro field will assist us in planning the horizontal wells which will be required to develop the field. As a result of the two well appraisal drilling program, Afren has enhanced the proved and probable reserves cases on the Okoro-Setu development.
The Field Development Plan is on schedule to be submitted to the Government of Nigeria in January to commence a fast-track development program in Q3 2007. Afren and our co-venturers AMNI remain on track for production of 15-20,000 bopd by early 2008".
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