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Tullow Oil discovers oil in Ngassa-2 exploration well in Uganda

Posted on: Fri, 18 Sep 2009 13:03:00 EDT

Symbols: TUOIF

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Sep 18, 2009 (Datamonitor via COMTEX) --
TUOIF | Quote | Chart | News | PowerRating -- UK-based oil and gas exploration and production company Tullow Oil has announced that the Ngassa-2 exploration well, which is located in the Kaiso-Tonya region of Block 2 in Uganda, has encountered seven meters of oil pay in 14m gross sand.

The company has said that the pressure data acquired through logging operations indicates the potential for a significant oil column down-dip, which could fill the entire 150sqkm closure.

Tullow Oil has said that Ngassa-2 is a deviated well drilled from the Angara spit, 3.5km from the crest of the structure, and to a total depth of 3,392m beneath the lake. Logging, downhole pressure testing and sampling confirmed the presence of moveable oil which has been recovered to surface.

The company has said that a deeper 15m gross sand was determined to be water wet at this location. These, and other sands, however have the potential to contain oil elsewhere in the Ngassa structure and will be tested through future offshore appraisal drilling.

Angus McCoss, exploration director of Tullow Oil, said: "The discovery of a significant oil field at Ngassa, with the potential to be the largest in the basin, is a major achievement for Tullow. The follow-up potential in the overall Ngassa closure has been substantially de-risked by this find and we look forward to realizing the upside through appraisal and further exploration drilling."

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