Tullow Oil’s Tweneboa-2 offshore Ghana confirms field as major oil and gas condensate play

FTSE100 constituent Tullow Oil PLC (LSE: TLW) announced a significant oil and gas discovery in the Tweneboa field, offshore Ghana. The Tweneboa-2 appraisal well was drilled 6 kilometres southeast of the Tweneboa-1 discovery, intersecting a significant combined hydrocarbon column. Results have confirmed that Tweneboa is a major oil and gas condensate field.

"Tweneboa-2 was a bold step-out which has successfully proven the significant extent of a major new oil and gas-condensate field offshore Ghana”, Tullow’s Exploration Director, Angus McCoss said, “Such an achievement provides a very good start to our exciting 2010 Equatorial Atlantic campaign. We look forward to further appraising this discovery later in the year."

The appraisal well is located on the Deepwater Tano block. Tullow is the operator and the largest stakeholder on the Deepwater Tano license with a 49.95% interest, with the other partners being Anadarko Petroleum (NYSE: APC) with 18%, privately held Kosmos Energy also owns 18%, Sabre Oil & Gas has a 4.05% stake and the Ghana National Petroleum Corporation (GNPC) has a 10% carried interest.

Tweneboa-2 encountered a gross reservoir interval of 153 metres containing 32 metres of net hydrocarbon pay in stacked reservoir sandstones, comprising a 17 metre oil bearing zone below a 15 metre gas-condensate bearing zone. The Atwood Hunter semi-submersible rig drilled Tweneboa-2 to an interim depth of 3,860 metres in water depths of 1,321 metres.

Once logging operations are complete, the well will be deepened further to test exploration potential beneath the Tweneboa discovery, Tweneboa-2 will then be suspended for future use in appraisal and development. The Atwood Hunter rig will subsequently move to the company’s West Cape Three Points block east of the Jubilee field.  http://www.proactiveinvestors.co.uk/companies/news/12436/tullow-oils-tweneboa-2-offshore-ghana-confirms-field-as-major-oil-and-gas-condensate-play-12436.html