Afren plc (AIM: AFR) rose 9% after the company received confirmation from Maurel & Prom, the operator on the La Noumbi licence in the Republic of Congo, that it had completed the Doungou-1 exploration well. Maurel & Prom said the main objective of the well was the Vandji sandstone reservoir, where several oil and gas shows were observed. However, the permeability of the reservoir was considered low, so the well was plugged and abandoned. Nonetheless, the well confirmed that an active hydrocarbon system does exist in the licence. Afren has a 14% working interest in the La Noumbi licence.
Osman Shahenshah, Chief Executive of Afren, said:
"Whilst the poor reservoir permeability at the location of the Doungou well is disappointing, it established a working hydrocarbon system which is encouraging for future exploration activity on the La Noumbi acreage. The licence has multiple reservoir targets and covers a vast area of 2,830 square kilometres. We look forward to an active drilling programme in 2008 after we have incorporated the well results and interpreted the new seismic data."
Additional 2D seismic acquired would now be interpreted to determine drill targets in 2008.