Renaissance Africa Energy Company Limited said it has found a significant new pool of light oil off Nigeria’s coast, the first major discovery for the indigenous operator since it took over one of the country’s biggest offshore blocks just over a year ago.
The company’s JK-004 exploration well, drilled in shallow water within Oil Mining Lease 74, struck roughly 1,000 feet of hydrocarbon-bearing rock spread across seven separate reservoirs, Renaissance said in a statement Tuesday.
Early readings from wireline logs and fluid samples pointed to strong reservoir quality and a lighter, more valuable grade of crude, the company said.
For Tony Attah, the company’s chief executive, the well is something of a proof point. Renaissance took over operatorship of the assets, an 18-license package that includes two export terminals and a floating production vessel in the Niger Delta, a little more than a year ago, inheriting fields long run by
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