Hess announces oil discovery offshore Ghana

Source: Hess
Hess in Ghana

Hess Corporation (NYSE: HES) announced today that it filed a notice of discovery with the Ghana National Petroleum Corporation for the Pecan-1 exploration well located in the Deepwater Tano / Cape Three Points license offshore Ghana, which has encountered 245 net feet of oil pay in two separate Turonian intervals. Hess currently has a 90 percent interest in the block. The Ghana National Petroleum Corporation (GNPC) holds the remaining 10 percent.

The Pecan-1 well was drilled to a total depth of 15,420 feet in a water depth of 8,245 feet. An extensive data acquisition program was undertaken including wireline logs and MDTs. The well was then sidetracked to obtain bypass cores and is now being suspended.

Pecan-1 is Hess’ fifth discovery on the block and follows the previously announced discoveries at Almond (53 net feet oil pay), Beech (146 net feet oil pay), Hickory North (98 net feet gas condensate pay) and Paradise (120 net feet oil pay and 295 net feet gas condensate pay).

Hess will next drill the Cob prospect, located approximately 15 miles northeast of the Pecan-1 discovery. Pre-development and further exploration activities are planned in 2013.

Hess Corporation is a leading global independent energy company primarily engaged in the exploration for and production of crude oil and natural gas, and the marketing of refined petroleum products, natural gas and electricity. More information on Hess Corporation is available at http://www.hess.com.

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