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Related - W. Africa MAJOR Oil Find Anadarko

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Anadarko Announces Major Oil Find; Shares Jump
Published: Wednesday, 16 Sep 2009 | 8:55 AM ET Text Size By: Reuters
An Anadarko Petroleum-led consortium of oil companies said it had made an oil find offshore Sierra Leone which potentially opens up a new, 1,100 km-wide oil frontier in West Africa.



Houston-based Anadarko [APC 59.17 --- UNCH (0)] said in a statement on Wednesday that the Venus B well, drilled in the SL 6/07 offshore block, in which Spain's Repsol [REP 27.03 --- UNCH (0)], Australia's Woodside Petroleum [WPL 50.82 2.32 (+4.78%)] and UK-based Tullow Oil [TUWLF 18.5231 --- UNCH (0)] have stakes, proved the existence of a reservoir detected by seismic surveys.

"The Venus discovery confirms the existence of an active petroleum system in the basin and enhances the prospectivity of our vast West Africa acreage position," said Bob Daniels, Anadarko's senior vice president of worldwide exploration.


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The oil companies believe the reservoir is part of a series that stretches from Ghana to Sierra Leone, across the Ivory Coast and Liberia.

"The significance of Venus-B's success is that it would prove up the western extent of the West transform Margin offshore Ghana, Cote d'Ivoire and Sierra Leone and bring into play a whole series of prospects that could mirror Jubilee in size," Richard Griffith at Evolution Securities said.

The Jubilee field in Ghana has a resource potential of up to 1.8 billion, Tullow, Europe's largest independent oil explorer by market value, has said.

Anadarko said it would start drilling offshore the Ivory Coast once it finished at the Venus B site.

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