Tullow Oil has found oil at its Mahogany-5 appraisal well immediately to the southeast of the Jubilee field offshore Ghana, making it four out of five strikes in the region.

The well, drilled down to 3,988 metres in water nearly three quarters of a mile deep, penetrated a total net oil pay of 23 metres in sandstone reservoirs over a gross interval of 51 metres.

Studies are being carried out to refine the potential resource range and to advance development planning activities for the area following successes at the Mahogany-3, Mahogany-4 and Mahogany Deep-2 wells.

The Jubilee field was discovered in 2007 and has been described by Tullow as a world-class reservoir.

First oil is on schedule for the fourth quarter of 2010.

Source: Share Cast