Tullow strikes oil offshore Ghana

Tulow Oil Plc struck oil with its Mahogany-1 well offshore Ghana.

Offshore staff

Newcastle, UK -- Tulow Oil Plc struck oil with its Mahogany-1 well offshore Ghana.

The discovery well, drilled to 2,683 m (8802 ft) deep, encountered a gross hydrocarbon column of 270 m (886 ft) with 95 m (312 ft) of net pay. The well is targeting 4,200 m (13,780 ft) TD.

The Mahogany discovery, a Santonian turbidite stratigraphic trap, opens a new play fairway in the Tano basin, according to Tullow. The structure straddles both the West Cape Three Points and Deepwater Tano licenses.

"The discovery of oil in the Mahogany well represents a major event for the Republic of Ghana and for Tullow," says Aidan Heavey, Tullow chief executive. "Based on evidence to date, ultimate reserves are likely to be materially in excess of previous estimates, with some high-potential zones still to be drilled."

DrillshipBelford Dolphin drilled the Mahogany discovery, the first exploration well drilled under the West Cape Three Points seven-year exploration agreement.

Tullow holds a 22.9% working interest in West Cape Three Points and a 49.95% interest in Tano.

6/21/2007

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