Providence Says AJE 4 Meets Pre-drill Expectations

  • Five hydrocarbon bearing zones logged with gross pay of c. 690 Feet
  • Albian deep exploration target confirmed as hydrocarbon bearing
  • Results confirm and exceed pre-drill expectations
  • Well has been suspended as a possible future producer
  • Providence Resources announced the following information about their AJE 4 Well results:

    As previously announced, the AJE-4 well, offshore of Nigeria, was drilled using the Deepwater Pathfinder drillship in c. 1,000ft water depth between February and April 2008. Providence holds a 5% interest in the AJE Field. The other partners are Yinka Folawiyo Petroleum Company Limited (Operator), Chevron Nigeria Deepwater H Limited (Technical Adviser to the Operator), Vitol Exploration Nigeria Limited and Energy Equity Resources Aje Limited.

    The AJE-4 well was designed to evaluate two objectives. The first objective was to test the lateral extent of the Upper Cretaceous oil and gas bearing reservoirs, which had been successfully tested in AJE 1 & 2 wells, thereby allowing the partners to assess the full extent of the AJE field. The second objective of the AJE -4 well was to evaluate additional deeper exploration targets, particularly the Albian, which were mapped to be underlying the AJE field. The AJE-4 well results confirm that these objectives have been comprehensively achieved.

    "We are delighted to report these results as they confirm our long held view in relation to the commercial potential of the AJE field," said Tony O'Reilly, CEO of Providence. "In addition, we are extremely pleased to be able to announce the results from the exploration objectives of the AJE-4 well, which was a target identified by the Technical Advisor. Discussions have already commenced within the partnership concerning the potential commercial development of the AJE field, as well as the future exploration potential of OML113."