Kosmos Hits Oil Pay in Equatorial Guinea

Kosmos Energy Ltd has made an offshore oil discovery in Equatorial Guinea, according to the Ministry of Mines and Hydrocarbons.

The S-5 well was drilled to a depth of 4,400 metres and encountered 39 metres of net oil play in the Santonian reservoir in the offshore Rio Muni Basin, the ministry said.

Equatorial Guinea is struggling to recover from a slump in drilling activity and oil and gas production. The discovery is the first well in the campaign by Kosmos.

“The discovery is a strong validation of our strategy to replace oil reserves by exploring the highly prospective oil basins like Rio Muni,” the nation’s Minister of Mines, Industry and Energy Gabriel Obiang said.

Further evaluation work is ongoing to determine the extent of the discovery and determine a schedule of the development phase, the ministry said.

Source: Rigzone