Fossil Energy – Oil Discovery
Azule Energy has reported a new oil discovery made in the Algaita‑01 exploration well, located in Block 15/06 in the offshore Lower Congo Basin, Angola.
The well was spudded on Jan. 10, 2026, in a water depth of 667 meters (2,188 ft), approximately 18 km from the Olombendo FPSO. It encountered oil-bearing sandstones within Upper Miocene reservoir intervals.
Drilling operations were completed on Jan. 26, followed by advanced formation evaluation logs to assess reservoir quality and fluid characteristics.
The company says that preliminary interpretation of wireline logging and fluid sampling indicates the presence of multiple reservoir intervals with excellent petrophysical properties and fluid mobilities.
Initial estimates indicate a discovered oil in place of approximately 500 million barrels.
