In a joint press statement by African Petroleum and the National Oil Company of Liberia (NOCAL), the Bee Eater-1 Well was drilled 9.5 km west of the original Narina-1 oil discovery and was targeting the same formations.
The Company confirms that it has encountered 48 metres of oil bearing Turonian sandstone, in the same sequence as the discovery in Narina-1. However, the joint press statement says reservoir permeabilities over the hydrocarbon bearing section of the well are lower than anticipated and further investigation is underway.
In addition, the Company confirms that Bee Eater-1 encountered 14 metres of Albian oil bearing sandstone in the Darter prospect, indicating the potential of the Albian play.
Whilst these results are encouraging and confirming Company hypothesis, more studies and more exploration drilling will be needed before reserves numbers are confirmed and development planned, the statement maintains.
The Company has also indicated that it is currently sourcing an alternative rig to the EirikRaude, to continue its exploration activities in Liberia.
Pierre Raillard, African Petroleum Corporation Limited Director West Africa and Israel Akinsanya, II, NOCAL Vice President for Public Affairs signed the joint press statement.
The pronouncement followed an oil discovery by the company last year (2012).
The new discovery adds to the already heated debates-whether blessing or curse-which was sparked by the first discovery.