Tullow optimistic after oil find offshore Ghana

Oil and gas giant Tullow has found oil and gas-condensate at its Wawa-1 well offshore Ghana, the first of three important remaining exploration wells to be drilled in the second half of 2012.

This will be welcomed news for the company's shareholders who were disappointed on Monday after the firm said that it had plugged and abandoned a well in Guyana due to safety concerns.

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Tullow, which owns 49.95% of the licence and is the operator, will now suspend the well for possible future use in appraisal and development operations.

Exploration Director Angus McCoss said: "It found light oil and gas condensate, trapped separately from TEN and demonstrates once again that liquid rich hydrocarbons are pervasive in this prospective licence. We look forward to the drilling of Okure and Sapele in the second half of 2012."

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