Renaissance Africa Energy Discovers Oil in OML 74

Renaissance Africa Energy Company Limited announced a significant oil discovery in OML 74, located in the Niger Delta. The discovery was made during the drilling of the JK 004 well, which encountered hydrocarbon-bearing columns at approximately 1,000 feet.

Initial logging and fluid analysis confirmed the presence of high-quality light oil across seven reservoirs. Toni Attah, the Managing Director and Chief Executive Officer, described the discovery as proof of the company's technical capabilities and commitment to success since assuming operatorship of the asset a year ago.

Attah credited the milestone to the dedication of Renaissance staff and partners, as well as the support from the Nigerian Upstream Petroleum Regulatory Commission. The joint venture partners include NNPC Limited, TotalEnergies Limited, and Agip Energy.

Bashir Bayo Ojulari, the Group Chief Executive Officer of NNPC, and Udobong Ntia, Executive Vice President of Upstream, emphasized the importance of delivering value across joint venture assets. Dr.

Johnbosco Uch, Vice President of Exploration, linked the success to rigorous technical approaches in reservoir replacement.