Cairn Energy’s second well offshore Senegal, SNE-1, has discovered oil in the first of two target reservoirs and in quantities that are estimated to be significantly higher than in pre-drill estimates. Coming hot on the heels of last month’s FAN-1 discovery, the results indicate the presence of a previously untapped oil province. SNE-1 is the more relevant of the two discoveries for Cap Energy, since it is more geologically analogous to its future prospects in Senegal.
As such, the increased resource estimate, together with the good-quality reservoir and light oil reported, bodes well for Cap’s Senegalese portfolio. Meanwhile, a 3D survey has begun across Cap’s Guinea-Bissau acreage where the deepwater prospects are believed to be analogous to the FAN-1 well.