African Petroleum Makes Oil Discovery Offshore Liberia

African Petroleum (APCL) announced a transformational oil discovery at the Narina-1 exploration well in Block LB-09 offshore Liberia.

The well was drilled to a TD of 15,912 feet (4,850 meters) and encountered 105 feet (32 meters) (net) of high quality, light oil pay in two separate intervals: 69 feet (21 meters) in a good quality Turonian submarine fan system and 36 feet (11 meters) in a deeper Albian sand with secondary potential. At the Turonian level, the well appears to have clipped the edge of a potentially expansive fan system covering an area of 97 square miles (250 square kilometers), and encouragingly the reservoir interval seems to thicken away from the well location on seismic.

Follow-up appraisal drilling is required to determine field commerciality, but the early indications are extremely positive and, assuming a moderate thickening of the reservoir away from the discovery well, should underpin the pre-drill estimate of 500 mmbbls recoverable.