Tullow encouraged after oil find in Africa

Tullow Oil's Paon-1X exploration well offshore Cte d'Ivoire has found good quality light oil in a Turonian fan system, the oil and gas company announced on Thursday morning.

The well is the first deepwater exploration well drilled in licence CI-103, in which Tullow operates and owns a 45% interest; it encountered 31 metres of net oil pay in a gross interval of 74 metres of turbidite sands.

"Pressure data indicates that this interval contains a continuous hydrocarbon column and samples show that it is a light oil of 41 degrees API," the statement said. API is the inverse measure of relative density of petroleum to water.

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After Tullow has completed logging operations, it intends to suspend the well for possible future use in appraisal and development operations.

"The discovery of light oil in our first well in CI-103 extends the proven play for oil westwards from our successes in Ghana and is encouraging for our future exploration efforts elsewhere in this licence. We look forward to further drilling in CI-103 during 2013," said Exploration Director Angus McCoss.

Tullow's partners in the CI-103 licence are Anadarko Petroleum, which owns 40%, and the Societ Nationale d'Oprations Ptrolires de Cte D'Ivoire (Petroci), which holds the remaining 15% interest.

BC