JOHANNESBURG (miningweekly.com) – JSE-listed Erin Energy has completed drilling of its Nigeria-based Oyo-NW well and, based on preliminary evaluation, has discovered hydrocarbons in the Miocene formation.
The well is located about 9.5 km northwest of the Oyo Central field on the company’s block 120 offshore Nigeria.
The Miocene formation is where several of Erin Energy’s neighbours have discovered billions of barrels of hydrocarbons and from which several hundred thousand barrels a day are produced offshore Nigeria.
“These results are very encouraging and support our technical team’s evaluation of the prospectivity of the Miocene and have significantly derisked the other major Miocene prospects in blocks 120 and 121,” CEO Femi Ayoade said in a statement on Wednesday.