Tullow boosted by further find in Ghana

A FURTHER oil find in the area has convinced Tullow Oil that its Owo discovery, off the coast of Ghana, has the potential to be another major oil field for the company.

The Irish-founded oil and gas exploration company — which is due to publish its 2010 full-year financial results next Wednesday — said yesterday that further appraisal studies at the discovery, now called Enyenra, encountered oil “in excellent quality sandstone reservoirs”.

Located just 7km from (and connected to) the existing Owo-1 well, the find suggests the Enyenra field has the potential to be another milestone asset for Tullow, a near 50% stakeholder in the project.