Oil and gas firm Tullow Oil says results from its latest drilling off the coast of Ghana have raised expectations for the potential of its Jubilee oil field.
Tullow said the Mahogany-3 well had encountered 'significant light oil columns'. It said the results confirm a significant extension of the Jubilee field to the south-east, away from the area which has been the main target of drilling so far.
The well was also aimed at drilling Mahogany Deep, an exploration target which had previously been identified but lies at a previously untested level.
'In this section, the well encountered 17 metres of good quality oil bearing reservoir sandstones at levels significantly deeper than the oil water contacts previously intersected on the Jubilee field. This success opens up further potential in the region and is the subject of ongoing evaluation,' Tullow said.
Shares in the company closed 89 cent higher at €8.20 in Dublin.
