(Updates with director’s comment in third paragraph.)
June 6 (Bloomberg) -- Tullow Oil Plc, the U.K.-based operator of Ghana’s Jubilee field, said it found oil in line with pre-drill expectations at sites off the coast of Ghana and onshore in Uganda.
At the Jobi-East-1 in Uganda the company confirmed that there is oil in two areas of the reservoir totaling 15 meters (49 feet) of net pay, London-based Tullow said in a statement today. The explorer’s Mpyo-3 well uncovered 21 meters of oil- bearing reservoir sands.
“The Jobi-East-1 and Mpyo-3 well results mark an excellent start to this next phase of our exploration and appraisal campaign in the Lake Albert Rift Basin,” Exploration Director Angus McCoss said in the statement.
Uganda, East Africa’s third-biggest economy, is on the cusp of an oil boom with Tullow expected to start pumping crude and gas from the Lake Albert Basin in 2012. The country has an estimated 2.5 billion barrels of oil, with about 1 billion barrels in proven reserves, according to Tullow.
In Ghana, where the London-based company drilled over a gross vertical interval of 300 meters, Tullow found 100 meters of low porosity sandstone and 3 meters of 40 degree oil pay. Drilling at all three sites has been suspended until the company is ready to conduct product testing.
--Editors: Alex Devine, Torrey Clark
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