Drilling update

RNS Number : 2935L

Tullow Oil PLC

08 January 2009

 



News Release 

Successful Mahogany-3 appraisal and exploration well

8 January 2009 - Tullow Oil plc (Tullow) announces that the Mahogany-3 well located in the West Cape Three Points licence offshore Ghana has intersected significant light oil columns in both the Jubilee field appraisal objective and also a deeper exploration target. In total, 33 metres of net pay have been penetrated.

The primary objective of Mahogany-3 was to appraise the Jubilee field reservoir section away from the strong seismic amplitudes which have been the main targets to date. Results of drilling, wireline logs and samples of reservoir fluid indicate that 16 metres of high quality stacked oil bearing sandstones have been encountered. This confirms a significant extension of the Jubilee field to the southeast. 

The secondary objective of the well was to drill Mahogany Deep, an exploration target which has been identified on 3D seismic but lies at a previously untested stratigraphic level. In this section, the well encountered 17 metres of good quality oil bearing reservoir sandstones at levels significantly deeper than the oil water contacts previously intersected on the Jubilee field. This success opens up further potential in the region and is the subject of ongoing evaluation.

The well has been drilled by the Eirik Raude semi-submersible rig to a depth of 4,028 metres in a water depth of 1,236 metres. Once wireline logging operations have been completed, casing will be set in advance of further drilling which is being carried out to gain further information on the regional geology. Following the conclusion of activities on Mahogany-3, the rig will move to the Tweneboa-1 exploration well location in the Deepwater Tano block. Drilling activities are expected to commence before the end of January.

Tullow has a 22.9% interest in the West Cape Three Points licence. Other partners include Kosmos Energy (Operator 30.875%), Anadarko Petroleum (30.875%), the E.O. Group (3.5%), Sabre Oil & Gas (1.854%) and the Ghana National Petroleum Corporation (GNPC) (10% carried interest). Tullow is the Unit Operator of the Jubilee Field and the Technical Operator for this well.

Commenting today, Aidan Heavey, Chief Executive, said:

'Successfully proving up a significant south-eastern extension of the Jubilee field and discovering an additional light oil accumulation beneath is another excellent result from our Ghanaian exploration and appraisal programme. Hyedua-2 and, in particular, Mahogany-3 were bold step-outs from the core of the field and while the combined impact is currently being evaluated, it is clear that they have confirmed our view of the substantial upside potential of the Jubilee field and increased our expectations of the extent of the core of the field.'

FOR FURTHER INFORMATION CONTACT:

Tullow Oil plc  ([phone]) Aidan Heavey Angus McCoss Chris Perry

Citigate Dewe Rogerson  ([phone])  Martin Jackson George Cazenove

Murray Consultants  ([phone])  Joe Murray  Ed Micheau

Notes to Editors

Tullow is a leading independent oil & gas, exploration and production group, quoted on the London and Irish Stock Exchanges (symbol: TLW) and is a constituent of the FTSE 100 Index. The Group has interests in over 90 exploration and production licences across 23 countries and focuses on four core areas: Africa, Europe, South Asia and South America.

In Africa, Tullow has production in Gabon, Côte d'Ivoire, Mauritania, Congo (Brazzaville) and Equatorial Guinea and two large appraisal and development programmes in Ghana and Uganda. Tullow also has exploration interests in Gabon, Côte d'Ivoire, Mauritania, Senegal, Congo (DRC), Tanzania, Madagascar, Namibia and Angola.

Tullow's European interests are primarily focused on gas in the UK Southern North Sea where it has significant interests in the Caister-Murdoch System and the Thames area and operates over 70% of its production. The company also has interests offshore the Netherlands and Portugal.

In South Asia, Tullow has exploration and production in Pakistan and Bangladesh and exploration activities in

India.

In South America, Tullow has exploration interests in Trinidad and Tobago, Guyana, French Guiana and Suriname.

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

 

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