Tullow oil find off Ivory Coast boosts hopes for future drills
TULLOW Oil said it has found extra oil off the Ivory Coast, giving it confidence that it will make additional discoveries in waters to the west of its key Jubilee field in Ghana.
Tullow said yesterday that the exploration well, which it called Paon-1X and which was on licence CI-103, found good quality light oil.
The successful result in the Ivory Coast followed disappointment in the country in April when the company drilled a dry hole. Shares rose more than 2pc in Dublin and London.
Tullow operates the Jubilee oil field in Ghana and has been pushing its hunt for oil westwards in the hope of discovering more oil off the Ivory Coast.
"The discovery of light oil in our first well in CI-103 extends the proven play for oil westwards from our successes in Ghana," said Tullow's exploration director Angus McCoss.
Tullow owns a 45pc stake in the CI-103 licence and is partnered with US explorer Anadarko Petroleum.
"The discovery is the first meaningful deepwater Ivory Coast success and de-risks several nearby lookalike prospects," Morgan Stanley analysts said in a note. (Reuters)