Nuevo's NAK #1 Well Comes Up Dry

Nuevo Energy Company announced that it has plugged and abandoned the NAK #1 well, the first exploration well in its 1.9-million-acre Accra-Keta Permit offshore the Republic of Ghana, as a dry hole. The well was drilled in 1,021 feet of water to a total depth of 10,100 feet. Nuevo is the operator of the Accra-Keta Permit with a 50% interest and has three partners in the block. The cost for the NAK #1 well is estimated to be approximately $12.5 million (approximately $1.5 million net to Nuevo).

"We continue to be enthusiastic about the potential for discovering significant reserves in our extensive holdings offshore Ghana, even though this is a wildcat area with a high level of risk," said Doug Foshee, Chairman and CEO of Nuevo. "Over the coming months, we will evaluate the NAK #1 well results, along with other technical data, in order to determine our next steps in this Permit."

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles
Brent Crude Oil : $53.96/BBL 0.35%
Light Crude Oil : $51.36/BBL 0.21%
Natural Gas : $3.209/MMBtu 0.34%
Updated in last 24 hours