Nigeria: Afren says Ogo exceeds expectations

Afren and its partners Optimum and Lekoil have announced that the Ogo-1 well and sidetrack on OPL 310 have found recoverable resources more than three times pre-drill expectations. Results from the well, located in the Upper Cretaceous fairway that runs along the West African Transform Margin, suggest an initial resource estimate of 774mboe, far above pre-drill expectations of 202mboe. Afren shares rose to a two-year high on the news. “The discovery looks to be one of the most important made in West Africa in recent history and to describe it as ‘transformational’ would not be hyperbole,” UBS said in a research note.