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As Ghana gets ready o join Africa�s elite club of oil producers in the last quarter of this year, it has received further good news of new crude il discover that will increase its revenue from the oil find. The good news was confirmed yesterday by the Ghana National Petroleum Corporation (GNPC) and its partners, LUKOIL Overseas Ghana Limited and Vanco Ghana Limited. They said, that a significant accumulation of oil and gas has been found in the Dzata-1 exploration well drilled on the Cape Three Points Deep Water Block located offshore Ghana. LUKOIL is Russia�s largest oil company and has business concerns worldwide. A statement issued by GNPC quoted Nana Boakye Asafu Adjaye, Managing Director of GNPC, as saying that the Dzata � 1 discovery had confirmed the existence of an extensive deepwater petroleum province offshore Ghana. The well was drilled in water depths of 1, 878 meters (6,161 feet), and is therefore the well with the deepest water depth ever drilled in Ghana. The well was drilled to a total depth of 4,433 meters and is located about 75 km (45 miles) south of Cape Three Points. The Dzata 1 well is some 100 km southeast of the Jubilee Field, which is in the Tano/Cape Three Points basin in Ghana. �It has proven a new geological play concept different from the Jubilee discovery as this find is in older aged rocks. This indicates the breadth of the hydrocarbon potential within the basin,� he said. Based on drilling results, wire line logs and samples of reservoir fluids, it has been determined that the well encountered a gross oil and gas column of 94 meters and a net stacked oil and gas pay of 25 meters. The primary reservoir sandstone between 3,663 and 3,690 meters contains a 21-meter gas condensate zone. Light oil was recovered from a four-meter zone between 3,701 and 3,709 meters. The well has since been plugged and temporarily abandoned pending further evaluation. The government, the Ghana National Petroleum Corporation, Vanco Ghana Limited and LUKOIL Overseas Ghana Limited signed a new petroleum agreement covering the Cape Three Points Deep Water Block and the new Agreement was ratified by Parliament in June last year. GNPC holds an initial carried interest of 15 per cent with an option to acquire an additional interest of five per cent on commercial discovery. The new agreement replaced and earlier agreement with Vanco in which GNPC held a 10 percent carried interest.