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Wednesday, September 15, 2010

Tullow Oil confirms Owo-1 well as major new field

By | Tue 14th September, 2010 12:53 GMT
Tullow Oil has highlighted the quantum of the oil and gas find in the OWO-1 oil field of the Deepwater Tano license as a major significant development which cannot be over-emphasized.

 The Jubilee partner on Monday, September 13, confirmed the OWO-1 oil field as representing a "major new oil field which could become second to the Jubilee-field.”

This comes after the company first announced the discovery of oil in the field sometime in July.

It is estimated that as much as 550 million barrels of oil in the OWO-1 field, with 70 million barrels of oil has been confirmed in the field.

Though the Head of Corporate Affairs at the TULLOW OIL Ghana, Tony Aubeng would not give further details on this, he tells CITI BUSINESS the appraisal which is still ongoing indicates significant prospects for commercial oil production.
He explained, “A lot of analysis is on-going and I do not want to come up now with a specific quantum but I can say that for us to be able to come out and say that there is a major oil find there and that well alone is going to be a major new oil field is indicative of the fact that the quantum could be quite significant. I will rather like to stick to the indicators that I have given which is about 69 meters of net oil additional to what we have found already. This is very significant in terms of the opportunities for commercial production additional to the Jubilee field.”

Following the completion of logging operations in the OWO-1 field, the well will be suspended for future use in appraisal and development.
With respect to the deep-water, Tano license, Tullow has approximately 50 percent stake whilst KOSMOS also has about 18 percent, and the Government through the GNPC also has 10 percent fee-carried interest among other stakeholders.

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