Seems that the big oil funds continue off the coast of Ghana. I...

Seems that the big oil funds continue off the coast of Ghana. I think Goodoil may be right that people haven't come to grips about how good Ghana permit may be.
Oil is not spread evenly throughout the world, it exists in a few areas with even a fewer areas being true oil provinces. Ghana seems to be quickly developing as one of those areas. The geology seems to be proving up some major oil discoveries within the transform margin, and we know the same geology/rocks exist in Taps recently acquired permit. I must admit, this for me is quickly developing into a my most favourite block, and we know TAP have some good ones.
Its common that when people hold a stock that is undervalued they talk about takeovers, so forgive me if I go down the same line here however blocks like these with percentage ownership near 40% will surely put Tap in play of the finds keep coming. Acquiring Tap will be a walk in the park for a mid tier or large oil company. I have changed my disclosure to LT buy as this is a keeper for a few years

Kosmos Tweneboa-2 Well Offshore Ghana Successfully Appraises Tweneboa Oil and Gas-Condensate Discovery
Business Wire, Jan 21, 2010
12Next ..DALLAS -- Kosmos Energy announces today that the Tweneboa-2 well has successfully appraised the companys Tweneboa oil and gas-condensate discovery made in March 2009 on the Deepwater Tano Block offshore the Republic of Ghana. The results of drilling, wireline logs and reservoir fluid samples confirm the Tweneboa-2 well has a gross hydrocarbon column of 153 meters (502 feet). The well penetrated combined net hydrocarbon-bearing pay of at least 32 meters (105 feet) in stacked sandstone reservoirs, which comprises a 15-meter (49-foot) gas-condensate-bearing zone overlying a 17-meter (56-foot) oil-bearing zone.

A Tweneboa Field hydrocarbon column of at least 350 meters (1,148 feet) has been confirmed between the Tweneboa-1 and Tweneboa-2 wells. After logging operations have been completed, the Tweneboa-2 well will be deepened to test the exploration potential beneath the Tweneboa Field. The well, which is located about six kilometers southeast of the Tweneboa-1 discovery well, will then be suspended, pending additional field appraisal.

We are pleased to have commenced our 2010 drilling program with an appraisal well that confirms our fourth hydrocarbon discovery in the Tano Basin, said Brian F. Maxted, Kosmos Chief Operating Officer. The Tweneboa-2 well is very significant because it validates that the Tweneboa discovery is highly prospective and confirms the field extends over a large area.

The Tweneboa-2 well was drilled by the Atwood Hunter semi-submersible rig to an interim depth of 3,860 meters (12,664 feet) in a water depth of 1,321 meters (4,334 feet). Following the drilling of the Tweneboa-2 well, the rig will be moved to the adjacent West Cape Three Points Block where it will drill an exploration well.


Latest Oil Find: The Dzata Well

Date: 03-Mar-2010


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As Ghana gets ready o join Africas elite club of oil producers in the last quarter of this year, it has received further good news of new crude il discover that will increase its revenue from the oil find.

The good news was confirmed yesterday by the Ghana National Petroleum Corporation (GNPC) and its partners, LUKOIL Overseas Ghana Limited and Vanco Ghana Limited.

They said, that a significant accumulation of oil and gas has been found in the Dzata-1 exploration well drilled on the Cape Three Points Deep Water Block located offshore Ghana.

LUKOIL is Russias largest oil company and has business concerns worldwide. A statement issued by GNPC quoted Nana Boakye Asafu Adjaye, Managing Director of GNPC, as saying that the Dzata 1 discovery had confirmed the existence of an extensive deepwater petroleum province offshore Ghana.

The well was drilled in water depths of 1, 878 meters (6,161 feet), and is therefore the well with the deepest water depth ever drilled in Ghana.

The well was drilled to a total depth of 4,433 meters and is located about 75 km (45 miles) south of Cape Three Points. The Dzata 1 well is some 100 km southeast of the Jubilee Field, which is in the Tano/Cape Three Points basin in Ghana.

It has proven a new geological play concept different from the Jubilee discovery as this find is in older aged rocks. This indicates the breadth of the hydrocarbon potential within the basin, he said.

Based on drilling results, wire line logs and samples of reservoir fluids, it has been determined that the well encountered a gross oil and gas column of 94 meters and a net stacked oil and gas pay of 25 meters.

The primary reservoir sandstone between 3,663 and 3,690 meters contains a 21-meter gas condensate zone. Light oil was recovered from a four-meter zone between 3,701 and 3,709 meters.

The well has since been plugged and temporarily abandoned pending further evaluation.
The government, the Ghana National Petroleum Corporation, Vanco Ghana Limited and LUKOIL Overseas Ghana Limited signed a new petroleum agreement covering the Cape Three Points Deep Water Block and the new Agreement was ratified by Parliament in June last year.

GNPC holds an initial carried interest of 15 per cent with an option to acquire an additional interest of five per cent on commercial discovery. The new agreement replaced and earlier agreement with Vanco in which GNPC held a 10 percent carried interest.