Tullow Oil: Owo-1 Well Ghana Intersects Significant Light Oil

26th Jul 2010 07:13

LONDON (Dow Jones)--Tullow Oil PLC (TLW.LN) said Monday the Owo-1 exploration well in the Deepwater Tano license offshore Ghana has intersected a significant column of excellent quality light oil. MAIN FACTS: -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 six kilometers to the west of the Tweneboa wells, has encountered a gross vertical reservoir interval of 154 meters containing 53 meters 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 0.6 kilometers 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 meters in water depths of 1,428 meters. -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 license and is partnered by Kosmos Energy Ghana (18%), Anadarko Petroleum ((APC) (18%)), Sabre Oil & Gas (4.05%) and the Ghana National Petroleum Corporation (GNPC) (10% carried interest). -Shares closed Friday at 1179.0 pence. By Iain Packham, Dow Jones Newswires; 44-20-7842-9269; [email protected] (END) Dow Jones Newswires July 26, 2010 02:13 ET (06:13 GMT)