Calao-1X well result

RNS Number : 8521F

Tullow Oil PLC

30 May 2013

 



News Release

 

Calao-1X exploration well encounters non-commercial condensate in Côte d'Ivoire

30 May 2013 - Tullow Oil plc (Tullow) announces that the Calao-1X exploration well in the CI-103 licence offshore Côte d'Ivoire, where Tullow is operator and has a 30% carried interest, has encountered thin condensate/gas bearing reservoirs in an Upper Cretaceous deepwater channel system.

The well is the second deepwater exploration well drilled in the CI-103 licence and targeted an Upper Cretaceous channel system northwest of the Paon-1X oil discovery, which was drilled in 2012. Good quality reservoir sandstones were found in this objective but they were water bearing at this location. Approximately 5m of condensate/gas bearing sandstones were found in a deeper objective.

The well was then sidetracked, targeting a better developed reservoir unit down-dip. Good quality water bearing sandstones were intersected at that level in the sidetrack. Pressure data indicates that this zone may be in communication with the condensate encountered in the original Calao-1X well. Following completion of logging operations the well will be plugged and abandoned.

The Seadrill West Leo dynamically positioned semi-submersible drilled Calao-1X to a final depth of 4,570 metres in water depths of 1,906 metres. The Sidetrack was then drilled to a final depth of 4600m below sea level.

Tullow (30% carried interest) operates the CI-103 licence and is partnered by Anadarko Petroleum (55%) and the Societé Nationale d'Opérations Pétrolières de Côte D'Ivoire (Petroci) (5% plus a 10% carried interest).

Commenting today, Angus McCoss, Exploration Director, said:

"While this is not the result we were aiming for, both the condensate and the reservoirs that we encountered have added substantially to our knowledge in this frontier area. The appraisal of the light oil discovered down-dip in Paon-1X in 2012 will continue later this year with the drilling of the Paon-2A well. Having sold some of our equity for carries in the CI-103 licence - a decision that was taken prior to the drilling of the Calao-1X well - our stake in both the Calao-1X and Paon-2A wells has been consequently reduced."

FOR FURTHER INFORMATION CONTACT:

Tullow Oil plc (London) ([phone]) Chris Perry (Investor Relations) James Arnold (Investor Relations) George Cazenove (Media Relations)

Citigate Dewe Rogerson (London) ([phone]) Martin Jackson Jack Rich

Murray Consultants (Dublin) ([phone]) Ed Micheau Joe Heron

Notes to Editors

Tullow Oil plc

Tullow is a leading independent oil & gas, exploration and production group, quoted on the London, Irish and Ghanaian stock exchanges (symbol: TLW) and is a constituent of the FTSE 100 Index. The Group has interests in over 150 exploration and production licences across 25 countries which are managed as three regional business units: West & North Africa, South & East Africa and Europe, South America and Asia.

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