Privately-held New Age (African Global Energy) said on Oct. 18 its appraisal well to determine the extent of the Etinde Field offshore Cameroon was successful.
Partners in the field comprise Bowleven and Lukoil.
The company said its recently completed second well, IE-4, was targeted 2.8 km northwest of the discovered IE Field.
A 12-m interval of the well was tested at a flow rate of 17.1 million standard cubic feet of gas per day and 8,780 barrels of oil per day, New Age said.
New Age has 15 oil and gas concessions in Congo-Brazzaville, Cameroon, Nigeria, Ethiopia, Morocco, South Africa and Kurdistan, with so-called 2P reserves of circa 350 million barrels of oil equivalent.
Egypt expects investments of at least $750 million to $800 million in the first stage of exploration in the 12 concessions, Petroleum Minister Tarek El Molla said during a press conference.
The study's findings raise the prospect of future discoveries in the area, which has been left untouched over 50 years of exploration activity in the North Sea, said the university.
Premier Oil’s second appraisal well in the Zama project offshore Mexico showed more potential for oil, raising hopes of a huge discovery.