Assala Energy Announces Hydrocarbon Discovery At Magoga-A In Gabon

Assala Energy today announces that the Magoga-1 exploration well, located in the Mutamba Iroru II Licence in Gabon, and subsequent sidetrack into the Atora II Licence, has encountered hydrocarbons in the targeted reservoir interval.

Preliminary evaluation of data acquired during drilling indicates the presence of 8 meters of hydrocarbon within the Gamba Sandstone formation. Further work will now be undertaken to integrate and interpret the well results and assess reservoir properties, fluid characteristics, volumetric potential and possible next steps, including any additional appraisal activity that may be appropriate.

“This result provides encouraging subsurface information from the Mutamba Iroru II & Atora Licence and adds to our understanding of the basin’s prospectivity,” said Timothée de Reynal, Subsurface Director at Assala Energy. “Our immediate focus is on completing a thorough technical evaluation of the data gathered from the well and determining the appropriate forward work programme.”

Both of the Magoga wells drilled the full reservoir interval and safely completed operations in line with applicable operational, environmental and safety standards.

The discovery will be subject to further technical analysis and, where appropriate, additional studies or appraisal activity. No determination has yet been made regarding commerciality, and no decision has been taken regarding development.

Assala Energy will continue to work closely with the relevant authorities, its stakeholders and shareholders, as it progresses the evaluation of the well results.

About Assala
Assala Energy, wholly owned by the Gabon Oil Company, is an oil and gas exploration and production company that integrates environmental, social and governance (ESG) criteria into every aspect of its business. As one of Gabon’s leading oil producers, Assala is revitalising production and pursuing targeted, responsible exploration activities to ensure the sustainable development of the fields under its responsibility.

Assala Energy contributes to strengthening national production and ensuring the sustainable development of Gabon’s resources, in compliance with the regulatory framework and international standards.