ref="http://www.cityam.com/company/tullow-oil">TULLOW OIL, Europe’s largest independent oil explorer by market value, said results from a sidetrack well off the coast of Ghana helped prove that the Owo find made in July was a major new oil field.
Owo is the latest oil field to be discovered by Tullow and its partners in Ghana, following Tweneboa in January and Jubilee in 2007, which is due to start pumping later this year and will turn Ghana into an oil producer.
The sidetrack well at Owo, drilled 600 metres away from the initial discovery well which found 53 metres of net oil pay, found an additional 16 metres of net oil pay with pressure data indicating the two finds are part of one reservoir.
“The discovery of very material volumes of light oil in Owo and the fact that the oil is concentrated in high quality channel sands greatly enhances our outlook for the efficient future development of both the Owo and Tweneboa fields,” said Angus McCoss, Tullow’s exploration director .
Tullow has a 49.95 per cent stake in the deepwater Tano licence where Owo is situated, alongside partners including Ghana National Petroleum, privately-held US firm Kosmos Energy and US oil producer Anadarko Petroleum.