Crude Oil, Nat Gas condensate discovered off Ghana's coast

An international oil drilling company said Wednesday that it has discovered high-quality oil and gas condensate off the coast of Ghana.

London-based Tullow Oil Plc, operator of Ghana's Jubilee Oil field, said it has discovered 20 meters of Nat Gas-condensate pay and 13 meters of Crude Oil pay in Turbidite sands.

The finding was made when the exploration well Wawa-1 was drilled to a depth of 3,322 meters in its Deepwater Tano License block off the coast, the group said in a statement, adding that samples showed the oil to be of good quality

Wawa-1 was the first of the 3 exploration wells to be drilled, said Angus McCoss, director of the operation. The drilling of the remaining 2 wells will be done in 2-H of Y 2012.

The discovery has demonstrated once again that liquid-rich hydrocarbons are pervasive in this area, McCoss said.

Ghana began commercial Crude Oil production in December 2010, pumping on average 63,100 BPD, figures lower than expected.

Paul A. Ebeling, Jnr.

Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.

Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.