New oil site found in Nigeria

Afren and LekOil shares advanced after
striking oil offshore Nigeria.
The Ogo-1 well, on the OPL 310 licence, has
made a significant light oil discovery, Afren
said.
The well was drilled to a depth of 10,518ft
and found a 524ft of gross hydrocarbons,
with 216ft of 'stacked' net pay.
Before Ogo-1 was drilled, the prospect was
estimated at 78mln barrels but Afren says,
based on the evidence to date, the oil find is
likely to be significantly larger than that.
"The discovery of oil in the Ogo-1 well opens
up a new oil basin in an under-explored
region and represents a possible extension of
the West African Transform Margin," said
chief executive Osman Shahenshah.
"Based on evidence to date, targeted
resources are likely to be significantly in
excess of previous estimates, with some high-
potential zones still to be drilled. We look
forward to working with our partners to
realise the full potential of Ogo and our
additional prospects on the license."
Afren has a 40% economic interest in the
Ogo-1 well, while recently listed AIM explorer
LekOil (LON:LEK) has 30%.
In early deals Afren shares are up 7.23% to
130p, while LekOil shares are up 27% to
44.5p each, proactiveinvestors reported.