Ghana Oil Well Had `Excellent' Results

June 10 (Bloomberg) -- Tullow Oil Plc, the U.K. explorer with the most drilling licenses in Africa, said oil and gas flows from a test well at a field in Ghana are ``excellent'' and in line with its expectations.

The Mahogany-2 well at the Jubilee field offshore Ghana found oil flowing at a test rate of 5,200 barrels a day and gas flows of about 5.3 million cubic feet a day, the London-based company said today in a statement distributed by the Regulatory News Service. Tullow said it plans to start pumping oil from Jubilee in 2010.

Tullow shares were set to open two percent higher, according to Tradindex. The stock closed yesterday at 919 pence, up 18.5 pence.

``The completed Jubilee production wells should be capable of flowing at rates in excess of 20,000 barrels a day,'' Chief Executive Officer Aidan Heavey said in the statement.