LONDON, June 7 UK-based oil explorer Tullow Oil
said it found oil offshore the Ivory Coast, giving it
confidence that it will make additional discoveries in waters to
the west of its key Jubilee field in Ghana.
Tullow said on Thursday that the exploration well, which it
called Paon-1X and which was on licence CI-103, found good
quality light oil.
The successful result in the Ivory Coast followed
disappointment in the country in April when the company drilled
a dry hole.
Tullow operates the huge Jubilee oil field in Ghana and has
been pushing its hunt for oil westwards in the hope of
discovering more oil off the Ivory Coast.
"The discovery of light oil in our first well in CI-103
extends the proven play for oil westwards from our successes in
Ghana and is encouraging for our future exploration efforts
elsewhere in this licence," said Tullow's Exploration Director
Tullow owns a 45 percent stake in the CI-103 licence and is
partnered with U.S. explorer Anadarko Petroleum.
"The discovery is the first meaningful deepwater Ivory Coast
success and de-risks several nearby lookalike prospects, high
potential 2013 drilling candidates," Morgan Stanley analysts
said in a note.
Shares in Tullow closed at 1,438 pence on Wednesday.