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Shell confirms oil off coast of French Guiana

By The Associated Press September 9, 2011, 4:14PM ET

The Shell oil company on Friday confirmed that a deepwater drill has discovered oil about 90 miles offshore French Guiana.

The company cautioned that it is still early in evaluating the well but said it was pleased by the initial results. Shell described the well as the first deepwater well offshore French Guiana, in northeastern South America.

The well, called GM-ES-1, is being drilled in water that is about 6,500 feet deep. So far it has drilled to a depth of nearly 19,000 feet, the company said.

Royal Dutch Shell plc, based in the Netherlands, bought a stake in the French Guiana drilling project in 2009. The joint venture is operated by London-based Tullow Oil plc.

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