There was more good news today for Tullow Oil after it announced yesterday that a consortium of companies in which it is included made an oil find off the coast of Sierra Leone. The find potentially opens up a new, 1,100 km-wide oil frontier in West Africa.
Today, Tullow said that the Ngassa-2 exploration well, which is located in the Kaiso-Tonya region of Block 2 in Uganda, has encountered seven metres of oil pay in a 14 metre gross sand.
It said that although evaluation is still at an early stage, with further appraisal drilling, Ngassa has the potential to be the largest oil field in the basin to date.
Tullow says the well has been suspended as an oil producer, for future production testing. Exploration work at Block 2 has now been completed with, exploration drilling activity expected to re-start by the end of the year in Block 1.
Tullow has interests in three licences in the Lake Albert Rift Basin in Uganda. Tullow operates Block 2 with a 100% interest and has a 50% interest in Blocks 1 and 3A which are operated by Heritage Oil (50%).
'The discovery of a significant oil field at Ngassa, with the potential to be the largest in the basin, is a major achievement for Tullow', commented Angus McCoss, Exploration Director.
'The follow-up potential in the overall Ngassa closure has been substantially de-risked by this find and we look forward to realising the upside through appraisal and further exploration drilling,' he added.
