Tullow Oil Exploratory Wells Encounter Water Bearing Reservoirs
04/19/2012| 07:34am US/Eastern
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Tullow Oil PLC (>> Tullow Oil plc), a oil and gas exploration company, said Thursday that its Mercury-2 exploratory appraisal well in Sierra Leone and its Kosrou-1 exploration well in Cote d'Ivoire have both encountered water bearing reservoirs with oil shows.
MAIN FACTS:
-The Discoverer Spirit drillship drilled Mercury-2 to a final depth of 5,142 meters in water depths of 1,815 meters.
-Anadarko (55%) is operator of offshore Block SL-07B-11 along with partners Repsol (25%) and Tullow (20%).
-The Eirik Raude semi-submersible drilled Kosrou-1 to a final depth of 5,241 meters in water depths of 2,275 meters.
-On completion of operations the rig will return to the Paon-1 location to complete the drilling of that well.
-Anadarko (50%) is operator of offshore Block CI-105 along with partners Tullow (22%), Petroci (15%) and Thani (13%).
-Well data will now be integrated into regional models to improve chances of making a hub-class discovery with the ongoing campaign which includes the Strontium-1 well in Liberia and the Paon-1 well in Cote d'Ivoire.
-Tullow Oil shares at 1109 GMT up 1%, at 1538 pence, valuing the company at GBP13.9 billion.
-By Mark Shapland, Dow Jones Newswires; +44 207 8429358; mark.shapland@dowjones.com
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