London, 18 October 2018 – New Age (African Global Energy) Limited (“New Age”) is pleased to announce as Operator the successful completion of the appraisal campaign in the Etinde field in Cameroon.
The $55 million two-well appraisal programme commenced on schedule on 1st May 2018, with the drilling of well IM-6, which successfully appraised the Intra Isongo section of the field, establishing a lower gas water contact and adding an additional 150-250 bcf of wet gas resources.
The recently completed second well, IE-4, was targeted 2.8 km north west of the discovered IE field, adding resources down dip of the proven IE-3 hydrocarbon contact. Reservoir horizons came in on prognosis, and a 12 meter interval of the well was tested at a flow rate of 17.1 mmscftg/d and 8780 bopd on a 56/64'' inch choke. New Age are currently assessing the hydrocarbon resources in the IE area. The productivity index in this part of the reservoir is substantially higher than well IE-3, thereby lowering future development risk. Well IE-4 was drilled at less than 50 % of the drilling cost of prior wells.
Both wells were drilled safely, without any lost time injury, and were executed under budget. New Age as Operator, and its JV partners will move to the next step of the field development schedule, evaluating options in line with the recently signed gas convention.
David Stoopin, Chief Executive, New Age, said:
“We are pleased with the successful performance of the 2018 appraisal campaign and the results confirming additional resources in the Etinde permit. Discovered resources and future prospective resources on the licence are being reviewed, integrating the new well data into the subsurface model, and we now look forward to the next steps in optimising the development solution on the Block, prior to a development Final Investment Decision.”