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Business News of Tuesday, 8 December 2009

Source: Ghana Celebrities

More Oil Find

Kosmos Energy said an appraisal well it drilled offshore Ghana found signs of oil and gas.

The Texas company said the results of drilling showed the well hit a hydrocarbon pay of 66 feet in sandstone reservoirs.
"The Odum-2 well validates the upside potential of the Campanian play on the West Cape Three Points Block, which has been determined to be separate from the Jubilee Field play," said Brian Maxted, the chief operating officer at Kosmos.

The Jubilee field is one of the richest oil fields in Africa with potential reserves eclipsing 1.8 billion barrels.
Samples of the hydrocarbon recovered indicated heavy crude oil at the Odum-2 well. The well was dug to a depth of more than 8,000 feet in waters depths of 2,677 feet.
"We will continue to evaluate the well's results," added Maxted.

Kosmos, which is backed by private equity firms Blackstone Group (BX.N) and Warburg Pincus, has drilled nine consecutive successful exploration and appraisal wells off Ghana for a 100 percent success rate in the region, it said.

Kosmos is the operator of the West Cape Three Points Block in which the company holds a 31 percent interest. An affiliate of Anadarko Petroleum Corp also has a 31 percent interest and an affiliate of Tullow Oil Plc has a 23 percent interest. Ghana needs experts to develop its offshore potential, as the government has little experience in managing its oil reserves.

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