Offshore Benin Basin promising for Abacan

Mar 12, 1997 01:00 AM

Abacan Resource Corporation has announced the results of production testing its Aje #2 offshore well which is located on Block 309 in the Nigerian Benin Basin. The well was drilled to a true vertical depth of 11,500 feet (3,500 metres) and tested at a cumulative flow rate of 8,800 bpd of oil and condensate with an average gravity of 42-degree API. This is the second well drilled by Abacan on offshore Block 309. The first well, Aje #1, was drilled in the fall of 1996 and tested at 5,500 bpd of oil and condensate from the Turonian formation. Aje #2 encountered and tested hydrocarbons from the Turonian formation as well as from deeper formations than were previously tested in the first well on Block 309. In addition to Block 309, Abacan has exclusive exploration rights for offshore Block 310 which is also located in Nigerian waters. The company also owns the rights to offshore Blocks 1 and 4 on the Republic of Benin side of the Basin. In total, Abacan holds the rights to approximately 4 mm acres, which constitutes the majority of offshore acreage in the Benin Basin. Abacan is planning an aggressive development and exploration program on its Benin Basin acreage, beginning with the drilling of a development well, Aje #3, in the second quarter of 1997 on Block 309. A 3-D seismic program is also planned for the Benin Basin. In addition, fast-track production options are being investigated to bring Abacan's Aje Field onto production in the shortest time frame possible.

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