Tullow Oil updates market on Ghana operations

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LONDON (ShareCast) - Oil and gas exploration company Tullow Oil (LSE: TLW.L - news) has ackowledged disclosures relating to its offshore Ghana mining operations by Kosmos Energy (NYSE: KOS - news) in association with a secondary offering for Kosmos shares.

US explorer Kosmos Energy reported that in January: "The company relinquished the discovery area associated with the Banda discovery on the West Cape Three Points Block, as the company does not consider this discovery to be commercially viable following additional seismic evaluation and interpretation."

Further to the update on the West Cape Three Points Block, Kosmos reported that it had submitted a declaration of commerciality and plan of development for three discoveries on the Deepwater Tano Block offshore Ghana.

It said that the plan of development for the three discoveries was for a flexible and expandable development, with an initial base capacity of 80,000 barrels of oil per day.

Tullow Oil stated that it would provide further updates in its 2012 financial results statement, which is due to be issued on February 13th.

MF