Tullow Oil PLC Operational Update (1980T)

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RNS Number : 1980T

Tullow Oil PLC

11 December 2012

News Release

Operational Update

11 December 2012 - Tullow Oil plc (Tullow) announces today that in Ghana, West Africa, Jubilee Phase 1A production has commenced and the Okure-1 exploration well has encountered low net to gross oil bearing reservoir in a secondary objective. In Guyana, South America, Tullow has let its interest in the Georgetown Licence expire.

Ghana update

The Okure-1 exploration well, drilled in the Deepwater Tano licence offshore Ghana, has reached its planned total depth of 4,511 metres. The well has encountered non-reservoir quality formations at the main objective levels below the TEN cluster and discovered a gross 17 metre interval of low net to gross oil bearing Turonian age sandstones within an overlying secondary objective. Light oil with a 40 degree API was recovered from this interval. Integration of wireline logs and pressure data indicates that this oil accumulation is not connected to other hydrocarbon discoveries in the licence area. The next exploration activity to be carried out by the rig will be the drilling of Sapele-1, adjacent to the Jubilee field, also in the Deepwater Tano Licence and is expected to be spudded by the end of the year.

The first Jubilee Phase 1A production well has been brought on stream and is now producing in excess of 16,500 bopd resulting in field production of over 90,000 bopd. This is the first of five Phase 1A producers which are planned to be completed before mid 2013. In addition, the rig is now carrying out acid stimulation work on two Jubilee Phase 1 wells to further enhance production before completing the second Phase 1A production around year-end 2012.

Tullow operates the Deepwater Tano licence and the Jubilee Field and is partnered by Kosmos Energy, Anadarko Petroleum, PetroSA and the Ghana National Petroleum Corporation (GNPC).

Guyana update

Tullow has let its interest in the Georgetown licence expire. The licence included the previously drilled Jaguar-1 well. However, Tullow continues to evaluate oil exploration opportunities in Guyana and the wider region.

FOR FURTHER INFORMATION CONTACT:

 
 Tullow Oil plc            Citigate Dewe Rogerson   Murray Consultants 
  ([phone])        ([phone])       ([phone]) 
  Chris Perry (Investor     Martin Jackson           Joe Murray 
  Relations)                Jack Rich                Ed Micheau 
  James Arnold (Investor 
  Relations) 
  George Cazenove (Media 
  Relations) 
========================  =======================  =================== 
 

Notes to Editors

Tullow is a leading independent oil & gas, exploration and production group, quoted on the London, Irish and Ghanaian (symbol: TLW) stock exchanges and is a constituent of the FTSE 100 Index. The Group has interests in over 100 exploration and production licences across 24 countries and focuses on four core areas: Africa, Europe, South Asia and South America.

For further information please refer to our website at www.tullowoil.com

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This information is provided by RNS

The company news service from the London Stock Exchange

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