Petroleum Africa
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Tuesday, April 22, 2014
New Age Ltd., one of the company’s exploring in Ethiopia’s Ogaden Basin, said it plans to take some time to evaluate its latest well’s potential. The El Kuran-3 well was drilled to a total depth of 3,528 meters encountering both oil and gas shows. According to reports, experts from New Age are now set on determining if the oil and gas encountered is commercially viable.
“Currently the well is undergoing logging and evaluation prior to taking a decision on the way forward on the well. There have been numerous oil and gas shows in the well, which is a follow-up to a discovery made by Tenneco in the 1970s. There appears to be a significant amount of oil and gas in several intervals and the primary issues are the quality of the reservoir and potential commerciality given to the remote location,” the company said.
The Reporter was told by sources close to the project that the company would not drill another exploration well on the concession (Block 7 and 8) in the El Kuran locality. They said the company would remain engaged in analyzing the data collected from the well over the next two years.
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