Tullow discovers 'significant' oil field

17th Sep 2009 07:12

Tullow Oil announced the discovery of a significant oil field at Ngassa which has the potential to be the largest in the basin to date.The Ngassa-2 exploration well in Uganda has encountered 7 metres of oil pay in a 14 metre gross sand. Pressure data acquired through logging operations indicates the potential for a significant oil column down-dip, which could fill the entire 150 sq km closure. Ngassa-2 is located in the Kaiso-Tonya region of Block 2, which Tullow operates with a 100% interest.'The discovery of a significant oil field at Ngassa, with the potential to be the largest in the basin, is a major achievement for Tullow,' said Angus McCoss, Exploration Director.'The follow-up potential in the overall Ngassa closure has been substantially de-risked by this find and we look forward to realising the upside through appraisal and further exploration drilling.''We are now focusing on the considerable follow-up to the Buffalo-Giraffe discovery in Block 1, appraisal activities in Block 2 for development planning and timely production from the basin,' he added.The news comes only a day after shares in Tullow had been boosted by the announcement of an oil discovery at the Venus exploration well off the West African coast.