Tullow given lift after Ghana exploration reveals oil and gas

TULLOW Oil yesterday reported that its latest exploration well offshore Ghana found traces of oil and gas.

The Wawa-1 exploration well in the Deepwater Tano licence was drilled to a final depth of 3,322 metres.

Tullow is operator of the Deepwater Tano licence with a 49.95 per cent stake. It is partnered by Kosmos Energy with 18 per cent, Anadarko Petroleum with 18 per cent, Sabre with 4.05 per cent and the Ghana National Petroleum Corp which has a 10 per cent interest.

Exploration director Angus McCoss said: “Wawa-1 was the first of three important remaining exploration wells to be drilled in the second half of 2012, to close out the exploration phase of the Deepwater Tano Licence.

“We look forward the drilling of Okure and Sapele in the second half of 2012.”

The boost came after the FTSE 100 explorer said on Monday that it was forced to give up drilling at its Jaguar well in Guyana over safety concerns. Its partners in that interest include Canada-based CGX Energy and Spain’s Repsol.