Afren announces a significant oil discovery in the Okoro East field
Africa focused oil exploration group Afren has this morning announced a significant new off-shore oil find just 2 kilometres east of its main site in Nigeria, in the Okoro field. The company has described the tertiary reservoir sands encountered as "excellent" and as being of a quality equivalent to those under development at its main Okoro field.
Africa focused oil exploration group Afren has this morning announced a significant new off-shore oil find just 2 kilometres east of its main site in Nigeria, in the Okoro field. The company has described the tertiary reservoir sands encountered as "excellent" and as being of a quality equivalent to those under development at its main Okoro field.
According to management, "the well result represents a successful start to Afren's 2012 exploration campaign that will see the Company participate in multiple wells across each of its core areas."
The Okoro East well was drilled in partnership with Amni International Petroleum Development Company.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Significantly, the outfit believes that the discovery opens the way for further prospectivity at previously unexplored levels both on the main field and elsewhere on the block.
The company also emphasizes the proximity of the new well to existing infrastructure, a factor which will facilitate its monetisation.
Lastly, the company calls attention to some of its other current drilling programmes, such as that underway in the Kurdistan region of Iraq or the Nunya-1x (Cuda-2) exploration well offshore Ghana which is expected to be spudded later this month.
As of 10:10am shares of Afren are rising by 10.52% to 12.10p.
AB
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
MoneyWeek news quiz: How much could you get in car finance compensation?
The car finance scandal, inheritance tax, and house prices all made headlines over the past few days. Test your knowledge while reviewing this week’s top stories with MoneyWeek’s news quiz
-
The biggest fossil fuel financing banks – is yours on the list?
You may not know it, but your savings could be being used to finance the fossil fuel industry. We look at the banks with the best and worst climate policies.