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Feb 11, 2011

Tullow finds more oil


Tullow Oil Plc (Tullow) has announced the discovery of oil at its Teak-1 exploration well in the West Cape Three Points, license offshore, approximately 73 metres of net hydrocarbons in two Campanian and three Turonian-aged reservoirs.

The well is located 4.6 km northeast of the Mahogany-2 well, 2.7 km outside the Jubilee Unit boundary.

 According to a statement issued by the company, in the shallower Campanian-age reservoirs, the well intersected 6 metres of oil pay in the upper zone and 33 meteres of gas pay with an underlying 15 metres 40 degree API oil leg, in the lower zone.

 It said in the deeper stratigraphic Turonian-aged reservoir, the well intersected 14 metres of gas condensate pay in two separate zones and 5 metres 32 degree API oil pay in a deeper level, adding, “the up-dip combination structural and stratigraphic Campanian trap is potentially 50 sq km in area and will be the subject of further appraisal activity.  Interpretation of the potential extent of each of the deeper turonian zones is ongoing”.

 The statement pointed out that the Atwood Hunter rig drilled Teak-1 to a total depth of 3,170 metres in water depths of 868 metres, stressing, “on completion of operations, the well will be suspended for future use and the rig will move to drill the Teak-2 well which is targeting Campanian and turonian age reservoirs in a separate fault block between the Teak discovery and the Jubilee field”.

 According to Mr. Angus McCoss, the Exploration Director, “success in all five of the targeted reservoirs, encountering 73 metres of total net pay, is an excellent outcome for the Teak-1 well and a great start to our 2011 multi well exploration campaign in the West Cape Three Points license”.

 He added further that the significant potential of this discovery, up-dip of Jubilee, will be appraised during 2011 and 2012, once the current drill-out campaign has been completed.

Source : ISD