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Business News of Tuesday, 9 October 2007

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Oil Discovery: Offshore well abandoned

After a run of deepwater drilling success offshore Ghana, Tullow Oil has drawn a blank with its latest well, plugging and abandoning the 1N-3X appraisal well in the shallow-water Tano Block.

An appraisal well on the Shallow Water Tano block has been abandoned after failing to find commercial quantities of oil.

The hole, known as 1N-3X, has been drilled to a total depth of 3,075 metres.

"Hydrocarbon bearing sandstones were encountered in this well but logging results indicated that the sandstones would not flow at commercial rates. The well has therefore been plugged and abandoned," Tullow said in a statement.

Last month, Tullow Oil said its recent Ghana discovery may contain recoverable reserves in excess of 1.3 billion barrels. It is not clear if this abandoned well is one of the wells previously announced as containing oil.

Tullow (31.5%) operate Shallow Water Tano on behalf of partners Interoil (31.5%), Al Thani (22.5%), Sabre Oil and Gas (4.5% carried) and GNPC (10% carried).

Tullow is also the operator of the Deepwater Tano licence (49.95%) and a partner in the West Cape Three Points licence (22.9%).

Tullow Slips on Tano Shallow Well After Ghanaian Deepwater Successes