Suspended Exploratory Well Costs	3 Months Ended
Mar. 31, 2014
Suspended Exploratory Well Costs	5. Suspended Exploratory Well Costs In November 2013, the Company achieved both its primary and secondary drilling objectives for the Oyo-7 well. The primary drilling objective was to establish production from the existing Pliocene reservoir. The secondary drilling objective confirmed the presence of hydrocarbons in the Miocene formation. Hydrocarbons were encountered in three intervals totaling approximately 65 feet, as interpreted by the logging while drilling (“LWD”) data. Management is making plans to further explore the Miocene formation. As of March 31, 2014, the Company has capitalized $26.9 million for the costs related to the Miocene exploratory drilling activities.

Suspended Exploratory Well Costs

3 Months Ended

Mar. 31, 2014

5. Suspended Exploratory Well Costs

In November 2013, the Company achieved both its primary and secondary drilling objectives for the Oyo-7 well. The primary drilling objective was to establish production from the existing Pliocene reservoir. The secondary drilling objective confirmed the presence of hydrocarbons in the Miocene formation. Hydrocarbons were encountered in three intervals totaling approximately 65 feet, as interpreted by the logging while drilling (“LWD”) data. Management is making plans to further explore the Miocene formation. As of March 31, 2014, the Company has capitalized $26.9 million for the costs related to the Miocene exploratory drilling activities.