Hess announces Pecan-1 oil discovery offshore Ghana

12/12/2012

Hess announces Pecan-1 oil discovery offshore Ghana

NEW YORK -- Hess has filed a notice of discovery with the Ghana National Petroleum Corporation (GNPC) for the Pecan-1 exploration well located in the deepwater Tano/Cape Three Points license offshore Ghana, which has encountered 245 net ft of oil pay in two separate Turonian intervals. Hess currently has a 90% interest in the block. GNPC holds the remaining 10%.

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The Pecan-1 well was drilled to a total depth of 15,420 ft in a water depth of 8,245 ft. 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 ft oil pay), Beech (146 net ft oil pay), Hickory North (98 net ft gas condensate pay) and Paradise (120 net ft oil pay and 295 net ft gas condensate pay).

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

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