Business News of Mon, 25 Feb 2008148
Ghana Discovers More Oil!
Accra, Feb. 25, GNA - Kosmos Energy has announced that the company has made a second significant oil discovery offshore the Republic of Ghana on the West Cape Three Points Block.
The Odum-1 exploration well has confirmed another oil accumulation on the block based on the results of drilling, wireline logs and reservoir fluid samples, a press release from the Company's headquarters in Dallas, U.S.A. said.
The Odum-1 well, which tested a different prospect than the company's Mahogany-1 discovery well, has been suspended as a future development well.
It said the Odum-1 well encountered a gross oil column of 60 meters (197 feet), which consisted of high-quality stacked reservoir sandstones and net oil-bearing pay of 22 meters (72 feet). Samples recovered from the reservoir indicated an oil gravity of approximately 29 degrees API.
The Odum-1 well, which was drilled in water depths of 955 meters (3,151 feet), reached a total depth of 3,386 meters (11,109 feet). The well is located approximately 13 kilometers east of the Mahogany-1 well and the Jubilee Field.
The release said Kosmos and its block partners used the "Songa Saturn" drillship to drill the Odum-1 well. When operations on the Odum-1 well are completed, the "Songa Saturn" will drill a second appraisal well of the Jubilee Field as part of the company's 2008 multi-well appraisal program.
"Kosmos and its partners conducted a high-resolution 3D seismic survey of 940 square kilometers (232,280 acres) over the Jubilee Field and adjacent areas in December 2007 following the company's announcement of the Mahogany-1 oil discovery in mid-June 2007," the release said. "The success of the Odum-1 well and its confirmation of a new, significant oil province in Ghana's western offshore basin is another momentous event for the Republic of Ghana and Kosmos," said James C. Musselman, Kosmos Chairman and Chief Executive Officer.
"We are pleased that the second exploration well in our Ghana drilling programme is another success. We look forward to continuing our work with the government and people of Ghana, as well as our block partners, to help develop and produce Ghana's vital natural resources." This is the second exploration well drilled by Kosmos and its partners under the West Cape Three Points Block's seven-year exploration agreement.
Kosmos is block operator and holds a 30.875% interest in the West Cape Three Points Block. Anadarko WCTP Company, an affiliate of Anadarko Petroleum Corporation (NYSE: APC), has a 30.875% interest; Tullow Ghana Limited, an affiliate of Tullow Oil plc (LSE: TLW), has a 22.896% interest; the E.O. Group Limited has a 3.5% interest; and Sabre Oil and Gas Limited has a 1.854% interest in the block. The Ghana National Petroleum Corporation (GNPC), which has a 10% participating interest in the project, will be carried through the exploration and development phases.
The West Cape Three Points Block comprises 1,761 square kilometers (435,200 acres) in water depths ranging from 50 meters to 1,800 meters. The Odum-1 well, situated in the Tano Basin, is located 51 kilometers from the Ghanaian coastline and 117 kilometers southwest of the port city of Takoradi. The Mahogany-1 discovery well is located 63 kilometers from the Ghanaian coastline. The oil discovery made by the Mahogany-1 exploration well, and confirmed by the Hyedua-1 well drilled by Tullow Oil on the Deepwater Tano Block, was renamed the Jubilee Field in December 2007.
About Kosmos Energy: Kosmos Energyis a privately held international oil exploration and production company with a focus in West Africa. Kosmos is led by a seasoned management and technical team with extensive international and West Africa experience, and a proven record of finding and developing significant oil reserves. With the financial backing of international private equity investors Warburg Pincus and Blackstone Capital Partners, the company possesses significant financial and operational capability to generate and participate in multiple high-impact upstream projects. 25 Feb. 08