November 3, 2019 / 6:11 PM / a month ago

Kosmos Energy finds oil off Equatorial Guinea -oil ministry

CAPE TOWN, Nov 3 (Reuters) - U.S. oil company Kosmos Energy has made an oil discovery at its S-5 well offshore of Equatorial Guinea, hitting 39 metres of net oil play, the Ministry of Mines and Hydrocarbons said on Sunday.

"We are very excited about the results of the S-5 well, the first well drilled in this ongoing exploration campaign," oil minister Gabriel Obiang Lima said in a statement.

Lima's ministry said the well was drilled at a depth of 4,400 metres and was located in the Santonian reservoir offshore in the Rio Muni basin.

Equatorial Guinea, a small West African member of the Organization of the Petroleum Exporting Countries, derives more than 90% of its foreign revenues from its oil and gas industry and is hoping further exploration will help bolster dwindling reserves. (Reporting by Wendell Roelf; Editing by Susan Fenton)

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