Tullow Oil Nsoga-5 Well Encounters 10 Meters Of Net Oil Pay

15th Jul 2010 07:08

LONDON (Dow Jones)--Tullow Oil Plc (TLW.LN), an oil and gas company, announced Thursday that the Nsoga-5 appraisal well, which is located in the Butiaba region of Uganda Block 2, has successfully encountered 10 meters of net oil pay. MAIN FACTS: -The Nsoga-5 appraisal well was drilled to a total depth of 587 meters, 2.3 km to the north-east of the Nsoga-1 discovery well, targeting equivalent reservoirs in a previously un-drilled fault block. -The successful Nsoga-5 well was the first of a multi-well appraisal program planned to further evaluate the extent and production potential of oil accumulations in the greater Nsoga area. -The well has now been suspended for future re-entry. -The OGEC IRI-750 rig will now move 2km south to the Kigogole field where it will drill the Kigogole-5 appraisal well. -Tullow has interests in three licenses in the Lake Albert Rift Basin in Uganda. -Tullow operates Block 2 with a 100% interest and has a 50% interest in Blocks 1 and 3A which are operated by Heritage Oil (50%). -Shares closed Wednesday at 1135 pence. -By Zechariah Hemans, Dow Jones Newswires; 44-20-7842-9411; [email protected] (END) Dow Jones Newswires July 15, 2010 02:08 ET (06:08 GMT)