By Max Clarke
Tullow Oil, the Irish oil and gas exploration company headquartered in London, has discovered a 27 meter hydrocarbon seam off the Ghanaian coast. Samples from the exploratory drilling exposed high quality oil and natural gas
The FTSE 100 member company, trading under the symbol TLW, has more than 90 exploration and production licenses from South Asia, across Africa and in the North Sea.
Ghana’s Vice President has already earmarked windfalls from oil revenue for development projects in Accra, including the diversification of its petrochemical exports; further boosting the country’s strong (5%) GDP growth.
"The discovery of hydrocarbons at the Teak-2 location is a very good result, providing important data for the future development of the Jubilee field”, commented Exploration Directos Angus McCoss.
“The well demonstrated that the Teak-2 discovery is not part of the Teak-1 discovery but is potentially a Jubilee field gas cap. The Campanian reservoirs at Teak-2 confirm significant up-dip potential in the greater Teak area. Our West Cape Three Points E&A campaign is continuing to deliver and we now look forward to drilling the Banda-1 wildcat well."