New Discoveries of Oil and Gas in Equatorial Guinea

Source: www.gulfoilandgas.com 7/15/2008, Location: Africa

New discoveries of oil and gas-condensate have been made during drilling operations at the Diega prospect in Block I offshore Equatorial Guinea. The oil and gas group PA Resources has a six percent participating interest in the block.

The operator Noble Energy has today announced that new discoveries of multiple reservoirs containing oil and/or gas-condensate have been made during an exploration drilling at the Diega prospect on Block I in Equatorial Guinea.

The drilling rig has encountered approximately 12 meters of net gas-condensate pay in the primary drilling zone, which geological properties correlates to previous discoveries in the region.

A deeper previously untested feature was also discovered and found to contain 9 meters of net gas-condensate pay underlain by 11 meters of net oil pay.

Once the drilling phase is concluded, a testing program will commence. Preliminary analysis suggests that liquid yields from the gas zones are expected to be greater than at the gas-condensate discovery made by Noble Energy on the nearby Block O.

“Our participating interest in Block I in Equatorial Guinea has proved to be very successful. The well at Diega represents the sixth successful well drilled on Block I with no dry holes. On Diega we have also made the second oil discovery on the block,” says Ulrik Jansson, President and CEO at PA Resources AB.

PA Resources has a 6 percent participating interest in Block I, through its fully owned subsidiary Osbourne Resources. Operator is Noble Energy (40 percent) and the other partners are Atlas Petroleum International (29 percent) and Glencore (25 percent). GEPetrol (the national oil company of the Republic of Equatorial Guinea) will have a five percent carried interest once commerciality has been determined.


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