Tullow Says Ghana Well Finds Hydrocarbons Close to Jubilee

By Brian Swint

(Bloomberg) — Tullow Oil Plc said an exploration well in offshore Ghana close to the Jubilee field found 27 meters of hydrocarbons.

The Teak-2 well in the West Cape Three Points license was drilled in the fault block between Jubilee and the Teak-1 discovery, Tullow said in a statement in London today. It found five intervals containing “high quality oil, gas and gas condensate.”

The Jubilee field, which started production in December, is scheduled to reach 120,000 barrels a day of production this year. Operators estimate that Jubilee may hold 800 million barrels of reserves.

Today’s results provide “important data for the future development of the Jubilee field,” said Angus McCoss, exploration director at Tullow. The discovery “is potentially a Jubilee field gas cap. The Campanian reservoirs at Teak-2 confirm significant up-dip potential in the greater Teak area.”

Tullow will now move the Atwood Hunter rig to the Banda-1 well. The company’s partners in the West Cape Three Points License are Kosmos Energy Ltd., Anadarko Petroleum Corp., EO Group, Sabre Oil & Gas Holdings Ltd., and Ghana National Petroleum Corp.

–Editors: Stephen Cunningham, John Buckley.