Tullow Oil Plc, the U.K. explorer with the most licenses in Africa, discovered a “major new oil field” off the coast of Ghana.
The Owo-1 exploration well “encountered a gross vertical reservoir interval of 154 meters (505 feet)” in the Deepwater Tano license, the London-based company said today in a statement. Samples show it’s a light oil of 33 degrees to 36 degrees gravity on the American Petroleum Institute scale, Tullow said.
“This is a big well and a big result for Tullow, we’ve got here a very substantial light-oil discovery,” Angus McCoss, the exploration director at the company, said today in a phone interview. “It’s really looking to be another transformational oil field for Ghana.”
Tullow, which plans to start oil production from the Jubilee field off Ghana this year, also discovered the Tweneboa offshore field in the African nation. Tullow is the operator of Deepwater Tano while its partners include Anadarko Petroleum Corp., Kosmos Energy LLC and Ghana National Petroleum Corp.
Tullow rose as much as 5.9 percent to 1,249 pence, its biggest intraday gain since July 2, and was 5.1 percent higher at 1,239 pence at 9:03 p.m. London time. Anadarko climbed $1.76, or 3.6 percent, to $50.53 as of 4:01 p.m. in New York Stock Exchange composite trading.
McCoss declined to give any guidance on Owo’s possible oil resources pending further appraisal of the discovery.
Exploration Potential
Tullow had been targeting a 1.4 billion-barrel find of oil equivalent in the Owo-Tweneboa-Ntomme area off Ghana, according to a July 1 company presentation.
“We are going to be partitioning the greater Tweneboa area into a very substantial, highly pressured oil field at Owo and the neighboring major oil and gas condensate field at Tweneboa,” McCoss said.
Tullow and Anadarko, based near Houston, are exploring African fields off Ghana, Ivory Coast, Liberia and Sierra Leone.
“We expect to resume the westward expansion of our exploration activity in the Cretaceous Fan play, where we’ve identified more than 30 prospects and leads with size and geologic characteristics similar to the Jubilee field,” Bob Daniels, Anadarko’s senior vice president for worldwide exploration, said in a separate statement.
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