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Harvest Natural finds 2nd oil accumulation off Gabon
Reuters Translate This Article
21 July 2011
July 21 ((Reuters) - Oil and natural gas producer Harvest Natural Resources said it discovered a second oil accumulation at a well off Gabon, West Africa.
Houston-based Harvest last month reported an oil discovery in the Dussafu Ruche Marin-1 well. The well, initially drilled in 380 feet of water, was deepened to test its prospect.
'Log evaluation, pressure data and a fluid sample indicate that the company has discovered a second oil accumulation with approximately 35 feet of oil pay within the secondary objective of the Middle Dentale Formation,' Harvest said in a statement.
The company operates the Dussafu PSC with a 66.667 percent ownership interest. The contract area is adjacent to the border with the Republic of Congo and contains 680,000 acres with water depths to 1,000 feet.
As of March, the Dussafu PSC had two small oil discoveries in the Gamba and Dentale reservoirs and a small gas discovery.
Harvest shares, up 9 percent in value this year, closed at $13.21 on Wednesday on the New York Stock Exchange.
Copyright © 2011 Reuters
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