Afren, an energy company focused on African reserves, said Tuesday it encountered more oil than it expected in a frontier area off the coast of Nigeria. Afren said it encountered oil at prospecting lease 310 off the coast of Nigeria. It said the results from the exploratory drilling operation were “significantly” better than it expected. The company said Tuesday it drilled its Ogo-1 well to a total depth of 10,518 feet and encountered an oil layer measuring 524 feet thick. Based on that data, the company said it expected the prospect holds at least 774 million barrels of oil equivalent. Afren, headquartered in London, said the Ogo prospect represented a wildcat opportunity, meaning it was located in an area not proven to hold oil reserves, in an underexplored area off the Nigerian coast. It said preliminary data show there may be “several prospects” in […]