The Executive General Manager (EGM) of the National Hydrocarbons Corporation (SNH), Mr Adolphe MOUDIKI and the Chief Executive Officer (CEO) of Addax Petroleum Corporation (Addax Petroleum), Mr Yi ZHANG, are pleased to announce to the national and international community, the discovery made at the Padouk-1X exploration well, drilled in the offshore Iroko Block, located in the Rio Del Rey Basin, Cameroon.
This Padouk-1X well has logged 38.6 m TVD net oil and 65.1 m TVD net gas in six (6) sands. Provisional contingent resources are 20 mmbbl of oil and 200 bcf of gas from these reservoir layers. These estimates of recoverable volumes do not include additional upside potential resources to be assessed during the next appraisal phase planned in 2013.
The Padouk-1X exploration well was drilled in a water depth of 42 m. Drilling commenced on July 10, 2012 and reached a total depth of 2616 metres. The well was temporarily suspended on September 7, 2012; a re-entry is possible and will be considered during the full development study already on-going for Padouk-1X.
Data collection and preliminary evaluation is now complete. However, more tests will be conducted and additional work at the prospect is needed to determine the extent and commercial viability of the discovery.
“Addax Petroleum and SNH remain focused on contributing to Cameroon’s hydrocarbon resources and are pleased that the Padouk-1X discovery has added to this effort which supports the strategy of our joint efforts to stop the decline in production experienced in the mature assets of Mokoko Abana and to achieve long-term increase in production by launching an important programme of production optimisation for existing assets but also an ambitious programme of Exploration and Appraisal”, jointly commented EGM Moudiki and CEO Zhang.
SNH is the mandator of the State of Cameroon in the country’s oil industry and a partner to Addax Petroleum in the Iroko Exclusive Exploration Authorization, in the Ngosso Exploration permit, as well as in the producing Mokoko Abana Concession