Tullow Oil said today the Mahogany Deep-2 appraisal well offshore Ghana confirmed the southerly dimension of the Jubilee field.
The exploration in the West Cape Three Points Block also revealed two new oil pools.
"Confirming the southerly extent of the main Jubilee reservoirs and encountering two new oil pools takes us another step closer to realising the full potential of the Greater Jubilee Area," said exploration director Angus McCross.
"Results from the current exploratory appraisal campaign are being integrated to define the resource base and the future phases of development beyond first oil in Q4 2010."
The Mahogany Deep-2 well encountered 15 metres of net oil pay, including 12 metres of the main Jubilee base of the well.
However, Davy stockbrokers noted it failed to find oil or gas in Mahogany Deep-aged reservoir sandstones.
"Although the Mahogany sands were water wet at this location, management believes that the area immediately to the south and east of Mahogany-3 is still prospective for oil in Mahogany Deep-aged reservoirs," the broker said in a note this morning.
Tullow has almost a 23 per cent interest in the West Cape Three Points licence, with Kosmos Energy (Operator) and a subsidiary of Anadarko Petroleum Corporation each having a 30.8 per cent stake. The remainder is split between the EO Group (3.5 per cent), Sabre Oil & Gas (1.8 per cent) and the Ghana National Petroleum Corporation (10 per cent carried interest).
The group also announced its trading statement would be released on January 27th 2010.
