Obo-1 Discovery in Block 1 of the Nigeria Sao Tome and Principe Joint Development Zone Confirmed
Afren (AIM:AFR), the oil and gas company focused on establishing itself as the premier pan-African independent exploration and production company, announces that Chevron, the Operator of Block 1 of the Nigeria Sao Tome and Principe Joint Development Zone ("JDZ"), has confirmed that it has discovered hydrocarbons in the Obo-1 well, which is the first exploration well in this area. The Obo-1 well logged a cumulative total of at least 150 feet (45 meters) of net hydrocarbon pay in multiple reservoirs and provided important reservoir rock and liquid samples. The well is located in 1,720 meters of water (5,640 feet) The JDZ Block-1 is located approximately 190 miles (300 km) north of the city of Sao Tome and approximately 125 miles (200 km) south of the city of Port Harcourt in Nigeria. Chevron JDZ Limited has a 51 percent equity share in the block, ExxonMobil holds 40 percent, and Dangote Energy Equity Resources Limited holds the remaining 9 percent. Afren plc is the beneficial owner of 49 percent of the equity in Dangote Energy Equity Resources Limited, through its wholly owned subsidiary Energy Equity Resources A.S.