Tullow Oil says it has found oil following drilling at one of its wells off Ghana.
The well, called Hyedua-1, is part of the Deepwater Tano licence, which Tullow operates with a stake of just under 50%.
Tullow said its data indicated that the well was linked to the recent discovery at the Mahogany-1 well.
Chief executive Aidan Heavey said the find was 'a major step forward' for its operations in Ghana. Tullow plans to drill up to three more wells in the area.
Finance officer Tom Hickey told RTE radio the Ghana field was bigger than first thought, and estimated reserves were likely to be increased from 600 million barrels to up to 800 million.
He said more wells would be drilled, and it would probably be up to three years before oil production would start.
Tullow shares closed up 54 cent at €7.19 in Dublin this evening - a gain of 8%.
The well, called Hyedua-1, is part of the Deepwater Tano licence, which Tullow operates with a stake of just under 50%.
Tullow said its data indicated that the well was linked to the recent discovery at the Mahogany-1 well.
Chief executive Aidan Heavey said the find was 'a major step forward' for its operations in Ghana. Tullow plans to drill up to three more wells in the area.
Finance officer Tom Hickey told RTE radio the Ghana field was bigger than first thought, and estimated reserves were likely to be increased from 600 million barrels to up to 800 million.
He said more wells would be drilled, and it would probably be up to three years before oil production would start.Tullow shares closed up 54 cent at €7.19 in Dublin this evening - a gain of 8%.
Via: RTE News
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