Kosmos Energy makes more oil discovery

Wednesday, March 11, 2009 (Back Page)

KOSMOS Energy has discovered more oil in the Tano Basin offshore the Deepwater Tano Block in the Western Region.
The find, dubbed “Tweneboa-1 well”, contains a light hydrocarbon accumulation continuing the company’s serial oil-finding exploration success.
“We have been fortunate to make another major hydrocarbon discovery offshore Ghana. We estimate our four discoveries to date account for a possible recoverable resource base of several billion barrels of oil and several trillion cubic feet of natural gas,” the Chief Operating Officer of Kosmos Energy, Mr Brian F. Maxted, stated in a news release issued in Dallas, Texas, and made available to the Daily Graphic.
The quality of oil found is similar to large quantities of oil found in the Jubilee Field in the West Cape Three Points also in the Western Region.
It said the Tweneboa-1 well was drilled by the “Eirik Raude”, semi-submersible rig, one of the largest oil rigs in the world, which is in a water depth of 1,148 meters.
The well, which is located approximately 25 kilometres west of the Northwest of Kosmos’ jubilee oil field on the adjacent West cape Three Points Block, is being deepened to test new straigraphy and is targeted to reach a total depth of 4,015 meters.”
The release said the Tweneboa-1 well is the seventh consecutive successful well Kosmos Energy and its partners had drilled on the West Cape Three Points Block since the middle of 2007.
“The Mahogany-1 exploration well discovered the Jubilee field, which was announced in June 2007; the Odun-1 exploration well discovered by the Odum Field, which was announced in February 2008; and the Mahogany-3 well discovered by the Mahogany Deep Field, which was announced in January 2009,” the release said.
Mr Brain Maxted said “together, our four discoveries have opened the Upper Cretaceous hydrocarbon fairway of the Tano Basin, which includes three principal trends-Jubilee, Odum and Tweneboa-1 on the two blocks.”
With the Tweneboa-1 well, which made Kosmos’ fourth substantial discovery in less than two years, we have preserved our 100 percent success rate for all the exploration and appraisal wells we have drilled to date offshore Ghana,” said
“Importantly, these discoveries not only confirm the existence of a giant and new petroleum system, but have also demonstrated our ability to successfully explore it and substantially de-risk the sizeable remaining exploration portfolio on West Cape Three Points and the Deepwater Tano Blocks,” Mr Maxted added.
The release also quoted the Chairman and Chief Executive Officer of Kosmos Energy, Mr James C. Musselman, as stating that “there is a risk-adjudged multi-billion barrel oil-equivalent exploration inventory that we have yet to drill”.
“Our Ghanaian assets have gained significant value due to the successful value of the wells we have drilled to date, and it is likely that their value will increase quickly and considerably as we pursue an aggressive exploration, appraisal and development drilling programme”.
Along with its block partners, Kosmos Energy plans to execute an exploration and appraisal programme on its Ghanaian acreage during 2009, including the appraisal of the company’s 2009 discoveries, Tweneboa and Mahogany Deep, and the full appraisal and initial development of the jubilee Field.
Kosmos Energy and its partners are expected to spend $3 billion between now and the first quarter of 2010, while a total of $5 billion would be spent on the project.
The company’s oil discovery in June 2007 is the largest discovery in the world in the past 12 months and the largest in West Africa in the last 10 years.
Tests have proved that oil discovered is among the finest in the world.