Tullow Oil hits early indications of yet another crude strike this time in Ghana

OIL heavyweight Tullow Oil was today cheering a “significant” oil and gas discovery at its Ghanaian Tweneboa field.

The FTSE 100 oil explorer said its Tweneboa-2 exploratory well, being drilled some six kilometres southeast of the company’s earlier Tweneboa-1 discovery, has encountered up to 32 metres of net hydrocarbon pay.

The positive findings sent Tullow’s share price up by 2.6 per cent in morning trading to 1,360p.

Peter Bassett of Westhouse Securities, commented: “This well continues the run of drilling success Tullow has achieved offshore Ghana. Combined with production, expected to come on stream later this year from Jubilee, the group is striking a sensible balance between exploration/appraisal and development.”

The discovery comprises a 17 metre oil bearing zone below a 15 metres gas-condensate bearing zone, the company said. It has now established a combined hydrocarbon column of at least 350 metres between the lowest known oil in Tweneboa-2 and the top of the gas-condensate at Tweneboa-1.

Exploration director Angus McCoss said: “Tweneboa-1 was a bold step-out which has successfully proven the significant extent of a major new oil and gas-condensate field offshore Ghana. Such an achievement provides a very good start to our exciting 2010 Equatorial Atlantic campaign.”