Anglo-Irish firm Tullow Oil has announced that it has discovered oil with its Odum 1 well on its West Cape Three Points concession in Ghana.
Odum is its second exploration well on the licence and the company now plans to drill the Mahogany 2 well in the same area as it continues to appraise the Jubilee Field.
Tullow has also discovered oil on its Deepwater Tano licence and the company now believes that its finds on the West Cape Three Points and Deepwater Tano blocks may represent a single oil field.
It holds 22.9% and 49.95% interest in the two concessions and its partners on Deepwater Tano are Kosmos Energy (18%), Anadarko Petroleum Corporation (18%), Sabre Oil & Gas (4.05%) and the Ghana National Petroleum Corporation (GNPC) (10%).
A spokesperson for the company commented: "The discovery of oil in the Odum well continues the success of our exploration campaign in Ghana. This commercial discovery is located only 13km from the larger Jubilee Field and has opened up a new prospective play in the region."
Tullow plans to start pumping oil on Jubilee in 2010, providing Ghana with the commercial breakthrough successive governments have dreamt of. The company upgraded the reserves estimate on the Jubilee Field from 250m barrels to 600m barrels last year following the successful drilling of the Mahogany 1 well. Interest in other Ghanaian acreage, particularly in the Tano Basin, has increased since the discovery and both Tullow and US firm Anadarko have other upstream...