Tullow Oil finds oil in Ghana and Uganda

Tullow Oil has successfully encountered oil at three wells offshore Ghana and onshore Uganda.

Angus McCoss, exploration director at the Dublin and London-listed company, said some light oil was found at the Banda-1 well offshore Ghana.

He said the find was “an encouraging first step” but conceded that the reservoir is poor quality.

In Uganda, two wells have encountered oil in line with pre-drill expectations.

These wells have successfully calibrated large seismic and gravity data anomalies, which have now been proven as oil accumulations, the company said in an announcement to the stock exchange.

“The Jobi-East-1 and Mpyo-3 well results mark an excellent start to this next phase of our exploration and appraisal campaign in the Lake Albert Rift Basin. We look forward to many more exciting wells as we endeavour to determine the total oil resource base which will underpin the basin-wide development preparations currently in progress,” commented McCoss.

Shares in Tullow were down slightly this morning to €14.69.