General News of Tue, 7 Jun 201179

Yet More Oil Found ..10% for Ghana

Hess Corp. said Tuesday that an exploratory well hit oil and gas deposits off the coast of Ghana.


The New York-based energy company said its Paradise-1 exploration well hit 490 net feet (149 meters) of oil and natural gas condensate. The well, which is more than 6,000 feet (1,828 meters) under water, was drilled to a total depth of 16,436 feet (5,000 meters). Hess owns 90 percent of the well. The Ghana National Petroleum Corp. owns the remaining 10 percent.

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Hess said it will evaluate the well results and plan further drilling tests in the area.


Its shares rose $1.62, or 2.2 percent, to $76 in morning trading Tuesday.

Source: Oil & Gas Journal

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