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Tullow Oil PLC (TLW.LN), an independent oil & gas, exploration and production company, said Wednesday the Minister of Energy in Ghana has formally approved the Jubilee field Phase 1 Development Plan and Unitisation Agreement on behalf of the Government of Ghana.

MAIN FACTS:

-The Jubilee field will be developed via a Floating, Production, Storage and Offtake vessel (FPSO) and will deliver a plateau oil rate of 120,000 bopd, water injection capacity of 230,000 bwpd and gas export and injection capacity of up to 160 mmscfd.

-Work on the FPSO and subsea facilities was initiated in July 2008 and is on track to deliver first oil in the second half of 2010.

-The Unitisation Agreement has determined the partners' initial equity interests in the Jubilee field and provides for modification of these interests as further field data becomes available.

-Tullow's initial equity interest in the Jubilee Unit Area, which Tullow will operate, is 34.70%. Other partner interests are Kosmos Energy (23.49%), Anadarko Petroleum (23.49%), Sabre Oil & Gas (2.81%), EO Group (1.75%) and the Ghana National Petroleum Corporation (GNPC) (13.75% of which 10% is carried interest).

 
-By London Bureau, Dow Jones Newswires; Contact Ian Walker; +44 (0)20 7842 9296; ian.walker@dowjones.com