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Another significant off-shore oil discovery in Ghana
Accra, Feb. 25, Ghanadot/GNA - Kosmos Energy
has announced that the company has made a second significant
oil discovery offshore the Republic of Ghana on the West
Cape Three Points Block.
The Odum-1 exploration well has confirmed another oil
accumulation on the block based on the results of drilling,
wireline logs and reservoir fluid samples, a press release
from the Company's headquarters in Dallas, U.S.A. said.
The Odum-1 well, which tested a different prospect than the
company's Mahogany-1 discovery well, has been suspended as a
future development well.
It said the Odum-1 well encountered a gross oil column of 60
meters (197 feet), which consisted of high-quality stacked
reservoir sandstones and net oil-bearing pay of 22 meters
(72 feet). Samples recovered from the reservoir indicated an
oil gravity of approximately 29 degrees API.
The Odum-1 well, which was drilled in water depths of 955
meters (3,151 feet), reached a total depth of 3,386 meters
(11,109 feet). The well is located approximately 13
kilometers east of the Mahogany-1 well and the Jubilee
Field.
The release said Kosmos and its block partners used the "Songa
Saturn" drillship to drill the Odum-1 well. When operations
on the Odum-1 well are completed, the "Songa Saturn" will
drill a second appraisal well of the Jubilee Field as part
of the company's 2008 multi-well appraisal program.
"Kosmos and its partners conducted a high-resolution 3D
seismic survey of 940 square kilometers (232,280 acres) over
the Jubilee Field and adjacent areas in December 2007
following the company's announcement of the Mahogany-1 oil
discovery in mid-June 2007," the release said.
"The success of the Odum-1 well and its confirmation of a
new, significant oil province in Ghana's western offshore
basin is another momentous event for the Republic of Ghana
and Kosmos," said James C. Musselman, Kosmos Chairman and
Chief Executive Officer.
"We are pleased that the second exploration well in our
Ghana drilling programme is another success. We look forward
to continuing our work with the government and people of
Ghana, as well as our block partners, to help develop and
produce Ghana's vital natural resources."
This is the second exploration well drilled by Kosmos and
its partners under the West Cape Three Points Block's
seven-year exploration agreement.
Kosmos is block operator and holds a 30.875% interest in the
West Cape Three Points Block. Anadarko WCTP Company, an
affiliate of Anadarko Petroleum Corporation (NYSE: APC), has
a 30.875% interest; Tullow Ghana Limited, an affiliate of
Tullow Oil plc (LSE: TLW), has a 22.896% interest; the E.O.
Group Limited has a 3.5% interest; and Sabre Oil and Gas
Limited has a 1.854% interest in the block. The Ghana
National Petroleum Corporation (GNPC), which has a 10%
participating interest in the project, will be carried
through the exploration and development phases.
The West Cape Three Points Block comprises 1,761 square
kilometers (435,200 acres) in water depths ranging from 50
meters to 1,800 meters. The Odum-1 well, situated in the
Tano Basin, is located 51 kilometers from the Ghanaian
coastline and 117 kilometers southwest of the port city of
Takoradi. The Mahogany-1 discovery well is located 63
kilometers from the Ghanaian coastline. The oil discovery
made by the Mahogany-1 exploration well, and confirmed by
the Hyedua-1 well drilled by Tullow Oil on the Deepwater
Tano Block, was renamed the Jubilee Field in December 2007.
About Kosmos Energy:
Kosmos Energyis a privately held international oil
exploration and production company with a focus in West
Africa. Kosmos is led by a seasoned management and technical
team with extensive international and West Africa
experience, and a proven record of finding and developing
significant oil reserves.
With the financial backing of international private equity
investors Warburg Pincus and Blackstone Capital Partners,
the company possesses significant financial and operational
capability to generate and participate in multiple
high-impact upstream projects.
GNA
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