New Age strikes gas, oil in Cameroon

Image: compelo.com

Privately owned New Age on Thursday announced the successful completion of its $55 million appraisal campaign in the Etinde field in Cameroon.

The two-well appraisal program began on 1 May 2018 and established a lower gas water contact, adding an additional 150-250 billion cubic feet of natural wet gas resources.

Both wells were drilled safely and executed under budget.

“We are pleased with the successful performance of the 2018 appraisal campaign and the results confirming additional resources in the Etinde permit. Discovered resources and future prospective resources on the licence are being reviewed, integrating the new well data into the subsurface model, and we now look forward to the next steps in optimising the development solution on the Block, prior to a development final investment Decision,” David Stoopin, Chief Executive, New Age, said.

New Age is in the process of assessing the hydrocarbon resources in the IE area, where they recently completed a second well, IE-4.

Well IE-4 was drilled at less than 50 percent of the drilling cost of prior wells.

New Age has 15 oil and gas concessions in Congo-Brazzaville, Cameroon, Nigeria, Ethiopia, Morocco, South Africa and Kurdistan.