The Vitol Group is pleased to advise that today Eni Ghana Exploration and Production Limited (“Eni”), operator of the Offshore Cape Three Points (“OCTP”) block in Ghana in which the Vitol Group has an interest, has announced a potentially significant oil discovery in the block.

Eni has a 47.222% interest in the OCTP license, Vitol Upstream Ghana Limited (“Vitol”) 37.778%, and state company GNPC 15.0%, with a back-in option for an additional 5.0%.

The discovery well, which was drilled some 50 km offshore in 825 metres of water, reached a total depth of 3,650m and encountered a 76m gross oil-bearing interval of in Cenomanian sandstones. During production testing the well flowed dry 30°API oil at a facilities-constrained rate of 5,000 bpd. The oil discovered is not connected to the gas and condensate discovered in either Sankofa or Gye Nyame. The OCTP joint venture is now planning an immediate appraisal programme to delineate the oil discovery and assess its commercial viability.

Following the recently signed Memorandum of Understanding between Eni, Vitol, GNPC and the Minister of Energy the joint venture recently commenced a work programme to develop and market the gas in the Sankofa and Gye Nyame discoveries.

Ian Taylor, President and CEO of the Vitol Group, commenting on the discovery, said:

“We are delighted to have made an oil discovery on the OCTP block, which now needs further appraisal and represents an important new opportunity for Vitol’s E&P business. This has been an exciting year for the OCTP joint venture, with a successful drilling campaign and substantial progress made on plans for exploitation of the OCTP gas. Our focus is to progress the rapid development of the gas discoveries, working closely with the Ministry of Energy and its representatives.”