TNT Tintra Plc

Tullow Oil PLC (TLW.LN) said Wednesday the Mahogany Deep-2 appraisal well offshore Ghana confirmed the down-dip extent of the main Jubilee reservoirs in the West Cape Three Points Block and intersected two new light oil accumulations.

MAIN FACTS:

-Good quality reservoirs were encountered in the Mahogany Deep section but were water bearing at this location.

-Mahogany Deep--2, drilled 3 km from Mahogany--3, is the furthest down-dip Jubilee well in the West Cape Three Points license.

-Results of drilling, wireline logging and samples of reservoir fluid indicate that the well has encountered good quality hydrocarbon-bearing reservoir sandstones in three zones.

-An interval of 12 meters net pay has proved an extension of the main Jubilee reservoirs. In addition, a new shallower accumulation, with 2 meters net pay, was encountered and supports exploration prospectivity in undrilled areas to the south and east.

-In total, the well intersected 53 meters of net reservoir sandstones, 20 meters of which were in the Mahogany Deep section.

-These were found to be water bearing at this location but are not connected to the Mahogany Deep accumulation at Mahogany--3.

-Further extensions to the Mahogany Deep accumulation may exist to the south and east of Mahogany--3.

-A new reservoir was also encountered in a deeper stratigraphic level beneath the Mahogany Deep section and an oil sample was successfully recovered from a 1 meter zone which has not been encountered in any other wells in the West Cape Three Points license to date.

-Further potential extensions of the Jubilee field and associated prospectivity will be drilled early in 2010.

-The Aban Abraham dynamically positioned drill-ship drilled Mahogany Deep--2 to the current depth of 4,326 meters in water depths of 1,354 meters.

-Tullow has a 22.896% interest in the West Cape Three Points license and its partners are Kosmos Energy (Operator) and a subsidiary of Anadarko Petroleum Corporation, (30.875% each), the E.O. Group (3.5%), Sabre Oil & Gas (1.854%) and the Ghana National Petroleum Corporation (GNPC) (10% carried interest).

-Results from the current exploratory appraisal campaign are being integrated to define the resource base and the future phases of development beyond first oil in 4Q 2010.

-Currently drilling the potentially high-impact Tweneboa--2 appraisal well and expect to report on its result in February.

 
-By London Bureau, Dow Jones Newswires; Contact Ian Walker; +44 (0)20 7842 9296; ian.walker@dowjones.com 
 

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