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Business News of Wednesday, 25 March 2009

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More Oil Find Offshore Ghana

Tullow Oil Plc, the U.K. explorer with projects Africa, found more oil in a deeper section of its Tweneboa-1 exploration well offshore Ghana.

Tullow has deepened its Tweneboa-1 well to 3,938 meters (12,920 feet) and found four meters of highly-pressured oil- bearing sands, the company said in an e-mailed statement. The discovery is separate from the well shallow accumulation announced on March 9.

“Near the total depth of the well, an over-pressured zone was encountered which limited further progress,” Tullow said. “Further exploration drilling will now be required to test the extent of these deeper levels as well as the shallower accumulation where seismic indicates sands thicken away from the well location.”

London-based Tullow is focusing on developing its projects in Ghana and Uganda and plans to produce oil from both ventures in 2010. The field development in Uganda became feasible after the company found more resources in Lake Albert, with crude exports expected to start through Kenya in about five years.

The Tweneboa-1 well is part of the Deepwater Tano license, which Tullow operates with a 49.95 percent stake. Kosmos Energy LLC, Ghana National Petroleum Corp. and Anadarko Petroleum Corp. are Tullow’s partners in the country. Last Updated: March 25, 2009 06: