Suspended Exploratory Well Costs	9 Months Ended
Sep. 30, 2014
Extractive Industries [Abstract]
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 was to confirm the presence of hydrocarbons in the deeper Miocene formation. Hydrocarbons were encountered in three intervals totaling approximately 65 feet, as interpreted by logging-while-drilling (“LWD”) data. Management is making plans to further explore the Miocene formation in future wells. Suspended exploratory well costs were $26.5 million at both September 30, 2014 and December 31, 2013, for the costs related to the Miocene exploratory drilling activities. In August 2014, the Oyo-8 well was drilled to a total vertical depth of approximately 6,059 feet (approximately 1,847 meters) and successfully encountered four new oil and gas reservoirs in the eastern fault block, with total gross hydrocarbon thickness of 112 feet, based on results from the LWD data, reservoir pressure measurement, and reservoir fluid sampling. Management has commenced a detailed evaluation of the results and plans to further explore the Pliocene formation in the eastern fault block and establish the size of the incremental additions. Suspended exploratory well costs were $6.5 million at September 30, 2014 for the costs related to the Pliocene exploration drilling activities in the eastern fault block. The Company is currently working on its 2015 exploration program for the OMLs 120 and 121, which may include further analysis of the commercial potential for both the Miocene formation and the Pliocene formation in the eastern fault block.

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 was to confirm the presence of hydrocarbons in the deeper Miocene formation. Hydrocarbons were encountered in three intervals totaling approximately 65 feet, as interpreted by logging-while-drilling (“LWD”) data. Management is making plans to further explore the Miocene formation in future wells. Suspended exploratory well costs were $26.5 million at both September 30, 2014 and December 31, 2013, for the costs related to the Miocene exploratory drilling activities.

In August 2014, the Oyo-8 well was drilled to a total vertical depth of approximately 6,059 feet (approximately 1,847 meters) and successfully encountered four new oil and gas reservoirs in the eastern fault block, with total gross hydrocarbon thickness of 112 feet, based on results from the LWD data, reservoir pressure measurement, and reservoir fluid sampling. Management has commenced a detailed evaluation of the results and plans to further explore the Pliocene formation in the eastern fault block and establish the size of the incremental additions. Suspended exploratory well costs were $6.5 million at September 30, 2014 for the costs related to the Pliocene exploration drilling activities in the eastern fault block.

The Company is currently working on its 2015 exploration program for the OMLs 120 and 121, which may include further analysis of the commercial potential for both the Miocene formation and the Pliocene formation in the eastern fault block.