Well Update

RNS Number : 8811P

Tullow Oil PLC

26 July 2010

 



News Release

 

 

Owo-1 exploration well discovers new oil field

26 July 2010 - Tullow Oil plc (Tullow) announces that the Owo-1 exploration well in the Deepwater Tano licence offshore Ghana has intersected a significant column of excellent quality light oil. Results of drilling, wireline logs and samples of reservoir fluids have established Owo as a major new oil field requiring further appraisal.

The deviated well, located  approximately 6km to the west of the Tweneboa wells, has encountered a gross vertical reservoir interval of 154 metres containing 53 metres of net oil pay in two zones of high quality stacked reservoir sandstones. Pressure data indicates that these zones are part of the same accumulation and samples show that it is a light oil of between 33 and 36 degrees API.

Following completion of logging operations the well will be sidetracked 0.6km east to provide additional information on lateral reservoir distribution and to intersect a deeper part of the Owo channel system.

The Sedco-702 dynamically positioned semi-submersible drilled Owo-1 to a final depth of 3,891 metres in water depths of 1,428 metres. On completion of operations on the Owo-1 sidetrack, the rig will remain in the Deepwater Tano block to drill the Onyina-1 exploration well which targets a large fan/channel system between the Tweneboa and Jubilee fields.

Tullow (49.95%) operates the Deepwater Tano licence and is partnered by Kosmos Energy Ghana (18%), Anadarko Petroleum (18%), Sabre Oil & Gas (4.05%) and the Ghana National Petroleum Corporation (GNPC) (10% carried interest).

Commenting today, Angus McCoss, Exploration Director, said:

"Owo-1 has made a very substantial light oil discovery and continues the success of Tullow's Equatorial Atlantic exploration campaign in West Africa. Given this success, we are immediately drilling an appraisal sidetrack to further assess the size of this find. Accelerated appraisal drilling will now focus on maturing the resources in both Owo and the adjacent Tweneboa accumulation towards commercialisation."

FOR FURTHER INFORMATION CONTACT:

Tullow Oil plc ([phone]) Angus McCoss Ian Springett James Arnold

Citigate Dewe Rogerson ([phone]) Martin Jackson George Cazenove

Murray Consultants ([phone]) Joe Murray Ed Micheau

Notes to Editors

Tullow is a leading independent oil & gas, exploration and production group, quoted on the London and Irish Stock Exchanges (symbol: TLW) and is a constituent of the FTSE 100 Index. The Group has interests in over 85 exploration and production licences across 22 countries and focuses on four core areas: Africa, Europe, South Asia and South America.

In Africa, Tullow has production in Gabon, Côte d'Ivoire, Mauritania, Congo (Brazzaville) and Equatorial Guinea and two large appraisal and development programmes in Ghana and Uganda. Tullow also has exploration interests in Gabon, Côte d'Ivoire, Liberia, Sierra Leone, Mauritania, Senegal, Congo (DRC), Tanzania, Madagascar, Namibia and Angola.

Tullow's European interests are primarily focused on gas in the UK Southern North Sea where it has significant interests in the Caister-Murdoch System and the Thames area. The company also has interests offshore the Netherlands.

In South Asia, Tullow has exploration and production in Pakistan and Bangladesh. In South America, Tullow has exploration interests in Guyana, French Guiana and Suriname.

For further information please refer to our website at www.tullowoil.com.

 

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