News

February 01, 2010

Wessex Exploration Joins PLUS With Its Eyes On The Prize In Guyane

As we’ve noted before on these pages, Tullow Oil is the current darling of the London oil patch. Like Cairn Energy before it, the London-listed company has transformed its fortunes by unearthing major oil finds in under-explored territories. Cairn, of course, struck black gold in Rajasthan in India, opening up a new basin play, but Tullow has gone one better, putting not just one but two world-class basins on the oil and gas map: offshore Ghana and the Lake Albert Rift Basin in Uganda.

A number of small cap E&Ps are hoping to catch a ride on the back of Tullow’s astonishing strike rate.  Aminex plc, for example, is hoping Tullow’s success in Uganda will extend onto its acreage in Tanzania, where the two companies are partnered in the drilling of the Likonde prospect, which is reckoned to hold some geological similarities to the Ugandan finds.  Likewise Wessex Exploration, which started trading on PLUS on December 15.  Wessex is keen for Tullow’s golden...