News

January 25, 2010

Tullow Oil Delivers Another Major Strike Offshore Ghana

Any investor wondering why Tullow Oil has proved such a favourite with investors need only glance at its new releases for the first weeks of 2010. Only three weeks into the new year and the FTSE100 company has successfully appraised two major discoveries in Africa and announced a US$1.5 billion pre-emptive bid to consolidate its footprint in the Lake Albert Rift Basin of Uganda.

First to Uganda, where the company has just announced the success of its Kasamene-2 appraisal well in the Butiaba region of Block 2.  The well, drilled near the crest of the field one kilometre northeast of the discovery Kasamene-1 discovery well which flowed over 3,500 barrels per day in March 2009, encountered 39 metres of net oil pay and 8 metres of net gas pay within a 132 metre gross interval.  This is the largest net pay thickness encountered in the Butiaba area to date and...