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Sinopec Addax Strikes Oil at Nigerian Block

Source: Reuters 7/12/2010, Location: Africa

China's Sinopec Group struck high flows of oil at an offshore Nigerian block previously owned by Swiss firm Addax, it said in its in-house newspaper.

The UDELE-3 well of Block 137, in the Niger Delta, was the first exploration well Sinopec drilled in Nigeria this year after its aquisition of Swiss oil and gas explorer Addax almost a year ago.

Drillers struck an oil layer of 45.9 metres and test yields showed an oil flow of 3,365 barrels of oil and 28,300 cubic metres of gas within a day, China PetroChemical News said.

Sinopec Group, parent of Sinopec Corp, agreed in June 2009 to buy Addax at $7.24 billion in China's biggest overseas acquisition, to gain access to oil assets in West Africa and Iraq.

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