TULLOW Oil said yesterday it had made a significant oil find with its Owo-1 exploration well offshore Ghana.
The company said the results of drilling, wireline logs and fluid samples had established Owo as a major new oil field requiring further appraisal, which would begin immediately.
The UK-based oil and gas operator added that the well – located in the Deepwater Tano licence and within a few miles of the earlier Tweneboa find – had encountered 174 feet of net oil pay in two zones.
Tullow (49.95%) operates the Deepwater Tano licence and is partnered by Kosmos Energy Ghana (18%), Anadarko Petroleum (18%), Sabre Oil and Gas (4.05%) and the Ghana National Petroleum Corporation, which has a 10% carried interest.
Tullow exploration director Angus McCoss said: “Accelerated appraisal drilling will now focus on maturing the resources in both Owo and the adjacent Tweneboa accumulation towards commercialisation.”
Shares in Tullow ended the day 5% higher at £12.39.