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UPDATE 1-Hess strikes oil off West African coast

  • SOURCE: | qwesa2big
  • Oil and gas producer Hess Corp (HES.N) said on Tuesday that its Paradise-1 exploration well drilled in deepwater off the coast of Ghana had found a significant reservoir.

    The areas off the west coast of Africa have been among the hottest oil plays in recent years, with companies such as Anadarko Petroleum (APC.N) and Tullow Oil Plc (TLW.L) making major discoveries.

    The Paradise-1 well, which was drilled to a total depth of 16,436 feet (5,000 meters) in water depth of 6,038 feet, hit oil and gas condensates with an estimated net pay of 490 feet over three separate intervals.

    Hess said it would work with the Ghana National Petroleum Corp and the government of Ghana to plan for future appraisal drilling at the site, called the Deepwater Tana/Cape Three Points


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