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Gold/Mining/Energy : Big Dog's Boom Boom Room
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To: Salt'n'Peppa who wrote (156737)9/9/2011 12:00:10 PM
From: MIRU  Read Replies (2) of 206092
 
Back to making money in oil stocks for a minute --- "new basin discovery" may be a really big deal.

TUWLF

British firm Tullow Oil said its Zaedyus exploration well, offshore French Guiana, found oil and that the discovery could lead to a new long-term exploration and appraisal campaign in the region.

The deep water well (GM-ES-1) encountered 72 metres of net oil pay and reduces the exploration risk associated with Tullow's prospect inventory offshore French Guiana, Suriname and Guyana, it said on Friday.

"The discovery at Zaedyus has proved the extension of the Jubilee-play across the Atlantic and made an important new discovery in French Guiana," said Tullow's exploration director Angus McCoss.

Tullow operates the Guyane Maritime license and holds a 27.5 percent stake. It is partnered by Shell, with a 45 percent stake; Total, with a 25 percent interest; and Northpet -- a company owned by Northern Petroleum and Wessex Exploration -- with a 2.5 percent holding.

"We are pleased with the preliminary results of this first ever deepwater well offshore French Guiana," said Dave Lawrence, executive vice president of exploration and commercial at Shell. "We are early in the evaluation, but the initial results are encouraging for this new play."
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