Tullow oil appraisal successful

Exploration company Tullow Oil said today that its Mahogany-5 appraisal well has encountered oil southeast of the Jubilee Field, off the coast of Ghana.

"We have now encountered oil in four out of five wells in the exploration and appraisal programme in the area immediately to the southeast of the Jubilee Field," Tullow's Exploration director Angus McCosss said.

Geoscience and engineering studies are continuing to refine the potential resource range and to advance development planning activities for this area, the company said.

The drilling rig will now leave Ghana to work for another operator and will return in the fourth quarter of 2010 on a planned nine-month drilling programme in the West Cape Three Points licence, in which Tullow has a 22.896% interest.