The third exploration well in block 218 off Nigeria, which has been drilled by Statoil, was completed on 1 March.
Oil and gas were found in this Nnwa-1 well, but it is too early to say how large the discovery might be. Some estimates suggest it could contain several hundred million barrels of oil.
"We've been encouraged by results so far, but a lot of work remains to be done," says Jan Vollset, exploration manager for Statoil Nigeria.
Nnwa-1 is Statoil's seventh exploration well off Nigeria. It was drilled to a measured depth of 4,464 metres – with a true vertical depth of 4,254 metres – in 1,280 metres of water about 150 kilometres west of Port Harcourt.
The well tested several targets, and hydrocarbon-bearing sands were penetrated between 2,303 and 4,457 metres of measured depth. Although no testing was done, log analyses suggest the presence of both oil and gas.
The well was spudded on 10 December from M G Hulme Jr. This Reading and Bates rig has now been released from its contract.
Statoil has a 53.85 per cent interest in block 218, with Texaco holding 46.15 per cent.