Cape Town, June 6, 2016 – During a press conference held during the Africa Oil & Power conference, the Ministry of Mines, Industry and Energy of Equatorial Guinea announced the near-shore discovery of gas accumulates at the EG-01 block, located in the Rio Muni Basin. The exploratory well on the Sothis Prospect was drilled by G3 Oleo e Gas of Brazil. Operations kicked off on March 14, 2016 with the drilling rig Sapphire Driller.

The well had two drilling objectives. The first was measured at a depth of 1,478 meters in the Campanian geological zone. The second targeted another prospect at 1,588 meters.

The initial approach was to test low-risk prospects to better assess the petroleum system in the block. The well encountered a gas pay zone from 1,438 to 1,453.5 meters in the hole section of 8.5 inches. Gas-oil contact is well defined at the depth of 1,451.2 meters. In the range of 323-1,323 meters, gaseous hydrocarbons were discovered with 70 meters of net pay, an effective porosity of 33 percent and an average hydrocarbon saturation of 59 percent.

In the range of 1,323-2,200 meter, another section crossed 8.8 meters of net pay, with average effective porosity of 48.5 percent and a gas saturation of 66 percent.
G3 is continuing to evaluate the results of this first exploratory well in the EG-01 block.

H.E. Gabriel Mbaga Obiang Lima, Minister of Mines, Industry and Energy: “The results of this well represent a new stage in the development of the hydrocarbon sector in Equatorial Guinea and, above all, gas accumulations discovered in this area of the Continental Region, will serve to promote and support the development of the National Energy sector.”

This Ministry is awaiting G3 Oil & Gas to submit its plans to continue the exploration of the block, but it says a key priority for the project would be piping the gas onshore for conversion to electricity.

“At this time, it is very preliminary to discuss the figures,” said the Minister. “But it is known that we have high probability that the company can bring the gas onshore.”