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Tullow Oil says Owo offshore Ghana confirmed as major oil field

Tullow Oil (LON:TLW) said the Owo-1 exploration sidetrack in the Deepwater Tano licence offshore Ghana has significantly extended the column of high quality light oil discovered by the Owo-1 well. Results of drilling, wireline logs and samples of reservoir fluids confirm that Owo is a major new oil field.

The Owo-1 well encountered 53 metres of net oil pay and the sidetrack, drilled 0.6 km east of the Owo discovery well, encountered an additional 16 metres of net oil pay in the lower part of the same channel system. Pressure data indicates that this oil pay is in communication with the reservoirs penetrated in the Owo-1 well and confirms at least 69 metres of total net oil pay in a substantial gross oil column of 200 metres.

Beneath the Owo oil field, 13 metres of net condensate pay was also discovered, with an additional 6 metres of net gas pay logged in the deepest sand encountered. No water was encountered in any of the hydrocarbon bearing reservoirs in either well.

Following completion of logging operations the well will be suspended for future use in appraisal and development.
On completion of operations, the rig will remain in the Deepwater Tano block to drill the Onyina-1 exploration well which targets a large Campanian prospect between the Tweneboa and Jubilee fields.

Tullow Oil has a 49.95% stake and operates the Deepwater Tano license. Its partners in the license are Kosmos Energy Ghana (18%), Anadarko Petroleum (18%), Sabre Oil & Gas (4.05%) and the Ghana National Petroleum Corporation (GNPC) with a 10% carried interest.