Tullow Oil PLC
16 June 2006
News release
Tullow Oil plc - Exploration Drilling Update
16 June 2006 - Tullow Oil plc (Tullow) provides the following Exploration
Drilling Update; a detailed update on Tullow's business will be provided in our
Trading Statement and Operational Update on 5 July 2006.
UK - K4 GAS DISCOVERY (Tullow 22.5%)
The K4 exploration well, 44/23b-13, has encountered reservoir quality gas
bearing sands in the targeted Lower Ketch Carboniferous interval and significant
upside potential has been identified. Information obtained from the well will
now be integrated with existing data to determine the full extent of the
accumulation.
The K4 discovery lies five kilometres to the southeast of last year's Kelvin
(K3) gas discovery. Any future development of K4 will most likely be via the
Kelvin development which is expected to be developed by a minimum-facilities
platform with a pipeline to the central CMS hub at Murdoch.
The success of K4 also provides further encouragement for the remaining
exploration potential of this area.
The K4 joint venture partners are Tullow Oil plc (22.5%), ConocoPhillips (U.K.)
Limited (50%) and GDF Britain Limited (27.5%).
EQUATORIAL GUINEA - BANYAN EXPLORATION WELL (Tullow 10%)
The deep water Banyan exploration well in Block L offshore Equatorial Guinea,
targeting the Campanian reservoir, commenced drilling on 5 May and reached a
total depth of 4,076m but did not encounter hydrocarbons. Following a farmout
in 2005, Tullow was substantially carried for the costs of this well.
Commenting today, Aidan Heavey, Chief Executive of Tullow said:
'The K4 discovery marks Tullow's seventh consecutive gas discovery in the CMS
area since 2001. This achievement demonstrates the strength of our UK
exploration portfolio and the quality of our technical team who have upgraded a
previously under-explored geological play in the CMS area with potentially
significant implications for future exploration in the region.'
For further information contact:
Tullow Oil plc Citigate Dewe Rogerson Murray Consultants
(+44 20 8996 1000) (+44 20 7638 9571) (+353 1 498 0300)
Angus McCoss Martin Jackson Joe Murray
Chris Perry
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 250 Index. The Group has interests in approximately 90
exploration and production licences in 15 countries and focuses on three core
areas: NW Europe, Africa and South Asia.
Tullow's NW Europe interests are primarily focused on gas in the UK Southern
North Sea where it has significant interests in the Caister-Murdoch System (CMS)
and the Thames/Hewett areas and operates over 60% of its production.
In Africa, Tullow has exploration and production in Gabon, Cote d'Ivoire, Congo
(Brazzaville) and Equatorial Guinea and a large gas field development and
appraisal programme in Namibia. Tullow also has exploration programmes in
Mauritania, Senegal, Cameroon, Uganda, Madagascar and Angola.
In South Asia, Tullow has exploration and production in Pakistan and Bangladesh
and high impact exploration activities in India.
For further information please refer to our website at www.tullowoil.com
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.