Tullow Oil PLC
11 November 2005
News release
Tullow Oil plc - Agreement to Farm-in to Block 10 in Angola
11th November 2005 - Tullow Oil plc (Tullow) today announces that it has
concluded a farm-in agreement with Sonangol P&P to assume a 15% interest in
Block 10 offshore Angola effective from 1st October 2005.
Block 10 is located in the Southern Kwanza Basin and is operated by Devon
Energy. The block is covered by good quality 3D seismic through which 2
prospects have been identified for drilling within the licence area. The first
of these, the Ngueve prospect in a water depth of approximately 700m, is
currently being drilled and is expected to reach its target in the near future.
The second well, the Henda prospect in a water depth of approximately 400m, is
scheduled to be drilled immediately after the first well is completed.
Commenting today, Aidan Heavey, Chief Executive of Tullow said:
'We are delighted to have the opportunity to expand our West African business
into Angola, one of the major petroleum provinces in Africa. This is the first
step in our strategy to gain a significant position in the country and we look
forward to doing further business in the region.'
If you have any questions on this announcement please contact:
Tullow Oil plc Citigate Dewe Rogerson Murray Consultants
(+44 20 8996 1000) (+44 207 282 2870) (+353 1 498 0300)
Aidan Heavey George Cazenove Joe Murray
Tom Hickey
Chris Perry
Notes to Editors
Tullow is a leading independent oil and 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 over 90 production
and exploration licences in 16 countries and focuses on three core areas: NW
Europe, West 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 and
the Thames/Hewett areas. Tullow operates 60% of its production from these areas
following the recent start-up of production from its Horne and Wren fields and
the acquisition of the Schooner and Ketch assets.
In Africa, Tullow has production and exploration in Gabon, Cote d'Ivoire, Congo
(Brazzaville) and Equatorial Guinea. Tullow also has exploration programmes in
Morocco, Mauritania, Senegal, Cameroon, Uganda and Angola.
In South Asia, Tullow has production and exploration interests in Pakistan and
exploration activities in India and Bangladesh.
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
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