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Negative tests at Tullow Oil well

Oil and gas exploration company Tullow Oil has announced this morning that it has encountered water bearing reservoirs offshore Ghana.

The company’s Onyina-1 exploration well in the Deepwater Tano licence offshore Ghana encountered water bearing reservoirs.

After exploring a large, high-risk prospect, the well intersected 49 metres of good quality sandstone reservoir. However, on further examination, they were water bearing at this location, said Tullow Oil in a statement to the Irish Stock Exchange this morning. .

Exploration director Angus McCoss said the negative test enables further refinement of the company’s exploration, as well as a "relinquishment strategy offshore Ghana".

"Good quality Campanian reservoir sands were found as predicted, however the lack of hydrocarbons at this location highlights the high risks of charging and trapping oil in this secondary play," he explained.

"Our main focus remains on the lower risk primary play, the deeper more prospective Turonian reservoirs, where we have had such outstanding success with Jubilee, Tweneboa and Owo."

The Group still has interests in over 85 exploration and production licences across 22 countries in Africa, Europe, South Asia and South America.

http://businessandleadership.com/business/item/26195-negative-tests-at-tullow/

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