Following the results of drilling, wireline logs and sample of reservoir fluids, oil and gas giant Tullow Oil has confirmed that one of its exploration wells offshore Sierra Leone has successfully encountered hydrocarbons.
The Jupiter-1 well, Block SL-07B-11, located over 25km west of the Mercury-1 well which has already discovered oil in the block, is said to have intersected 30m of hydrocarbon pay in the "primary upper cretaceous objective" and did not encounter a hydrocarbon water contact.
"The well has been preserved for possible future re-entry, as the area is likely to require additional evaluation," the firm said.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
US oil titan Anadarko is the operator in the block with a 55% interest, while Spanish partner Repsol owns a 25% stake. Tullow has a 20% interest.
"Jupiter is the third discovery in the Liberian Basin by Tullow and its partners and provides further support for the stratigraphic play in the region," said Tullow's Exploration Director Angus McCoss.
"The presence of a working petroleum system producing gas and light oil in the basin is encouraging. Our technical teams will continue evaluating prospectivity across our significant regional acreage position. We will further test the play through the drilling of Mercury-2 in Sierra Leone and Kosrou-1 which is currently drilling in Cte d'Ivoire."
BC
-
FTSE 100 hits record highs – why is it rising and will we see more gains?Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
-
How to invest in copperIt may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
