Tullow Oil, Europe's largest independent oil explorer by market value, said on Monday it had made another oil-find in its deepwater Tano licence off the coast of Ghana.
Tullow said the Owo-1 exploration well, drilled in the same bloc as the Jubilee oil field which has helped to establish Ghana as a country with major oil reserves, intersected a significant column of excellent quality light oil.
The well encountered 53 metres of oil pay in two zones of high quality reservoir sandstone, with pressure data indicating the two zones were part of the same accumulation of oil.
Tullow said the well will now be side-tracked to the east to help establish the size of the reservoir.
"Accelerated appraisal drilling will now focus on maturing the resources in both Owo and the adjacent Tweneboa accumulation towards commercialisation," said Tullow's exploration director Angus McCoss.
Tullow owns a 49.95 percent stake in the Tano licence, alongside partners including privately-held U.S. energy firm Kosmos Energy and U.S. oil producer Anadarko Petroleum.
Shares in Tullow closed at 1,179 pence on Friday, valuing the company at 10.5 billion pounds sterling.
|
