Camac Energy has discovered four new oil and gas reservoirs in the Oyo-8 development well, which was drilled to a total depth of 6,059ft, located offshore Nigeria in OML 120.
Drilling operations at the Oyo-8 well, which features a vertical and a horizontal section, started in June 2014.
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The vertical section was designed to test for further hydrocarbons in the earlier undrilled Eastern fault block of the Oyo field.
A total gross hydrocarbon thickness of 112ft has been recorded, based on results from the logging-while-drilling data, reservoir pressure measurement and reservoir fluid sampling.
Camac will now complete Oyo-8 horizontally as a producing well in the Pliocene formation of the Central Oyo field.
The Oyo-7, which was drilled in October 2013, will also be completed horizontally in the Pliocene formation of the Central Oyo field.
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By GlobalDataCamac Energy exploration and production senior vice-president Segun Omidele said: "This is an excellent result from the vertical section of Oyo-8, as it positively established oil presence in new reservoirs in the Eastern fault block.
"We have commenced a detailed evaluation of the results with a view to establishing the size of the incremental reserve additions.
"We are one step closer to bringing these two high-impact development wells on production that will generate immediate revenues, cash flow and earnings for our shareholders."
Camac Energy’s asset portfolio comprises nine licenses covering an area of 43,000km² in four countries.
The portfolio also includes current production and other projects offshore Nigeria and onshore Kenya, as well as exploration licenses offshore Ghana, Kenya and Gambia.
