Johannesburg, 26 July (Argus) — UK-listed Tullow Oil has found light crude of 33-36°API at its Owo-1 exploration well in the Deepwater Tano licence offshore Ghana.

“Results of drilling, wire line logs and samples of reservoir fluids have established Owo as a major new oil field requiring further appraisal,” the firm said today.

The Sedco-702 drilling rig will now remain in the Deepwater Tano block to drill the Onyina-1 exploration well, which aims to target an oil and gas system between the Tweneboa and Jubilee fields. Accelerated appraisal drilling will focus on maturing the resources in both Owo and the adjacent Tweneboa accumulation towards commercialisation, the firm said.

The 120,000 b/d Jubilee field is scheduled for first oil in November or December.

The Deepwater Tano licence shareholders are Tullow with 49.9pc, US independents Kosmos Energy and Anadarko each with 18pc, Sabre Oil & Gas 4.05pc and state-owned GNPC with a 10pc carried interest.

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