Tullow Oil strikes again in Africa

TULLOW OIL, the Irish-founded oil and gas exploration company, has kept up its steady stream of positive news ahead of its interim results next month, by announcing a further significant oil find in one of its African bases.

Yesterday, the company said it had found “a significant column of excellent quality light oil” at its Owo-1 exploration well off the coast of Ghana. It added that the well – which forms part of the Deepwater Tano exploration licence, of which Tullow owns nearly 50% – has now been established as “a major new oil field requiring further appraisal”.

Tullow’s exploration director Angus McCoss said: “Given this success, we are immediately drilling an appraisal sidetrack to further assess the size of this find. Accelerated appraisal drilling will now focus on maturing the resources in both Owo and the adjacent Tweneboa accumulation towards commercialisation,” he added.