Tullow Oil PLC
16 April 2004
Tullow Oil Announces Monroe Gas Discovery
Tullow Oil plc ('Tullow') announces a gas discovery with the 'Monroe'
exploration well, 44/17b-7.
The 44/17b-7 discovery, located within Tullow's Caister Murdoch System ('CMS')
core area, was spudded on 16 February and reached a depth of 12,611ft. The well
encountered gas-bearing Carboniferous reservoir sands and has been suspended as
a potential future producer.
Subject to the outcome of pre-development studies, it is the co-venturers' plan
to re-enter this well and tie it back to the ConcocoPhillips operated CMS III
production network. First production is expected by mid-2005.
Co-venturers in the discovery are Tullow Oil UK (15% interest), GDF Britain Ltd
(39% interest and Operator) and ConocoPhillips (UK) Limited (46% interest).
Aidan Heavey, Tullow's Chief Executive commented: 'The success of the Monroe
well demonstrates the continued prospectivity of this core area and paves the
way for the next phase of development of CMS. We look forward to further active
exploration and development activities on this exciting trend'
For Further Information Contact:
Tullow Oil plc (+44 20 7333 6800)
Aidan Heavey
Tom Hickey
Citigate Dewe Rogerson (+44 207 638 9571)
Alexandra Scrimgeour
Murray Consultants (+353 1 498 0300)
Joe Murray
Notes for Editors
Tullow Oil plc is one of the leading Independent International Oil & Gas
Exploration and Production companies in Europe. Tullow is quoted on the London
and Irish stock exchanges (symbol TLW) and is a member of the FTSE 250 Index.
Strategy
Tullow's strategy is to build strong and secure cash flow from low risk
production acreage, while applying discretionary funds to exploration
territories with high potential. These activities will be undertaken in a manner
that reflects a genuine concern for the environment and the health and safety of
all personnel.
Production and Development Assets
Tullow has interests in over 50 exploration and production licences spread over
three core areas: UK North Sea, West Africa and South Asia.
In the North Sea, Tullow's principal interests are in the CMS and the Thames/
Hewett group of licences in addition to the operatorship of the Bacton onshore
gas-processing terminal.
The Espoir field in Cote d'Ivoire, West Africa, is Tullow's principal source of
international production. Tullow is also active in exploration and development
programmes in Cameroon and Gabon.
In South Asia, Tullow has production and exploration interests in Pakistan and
exploration activities in India. In Bangladesh, a three well drilling programme
is under way in Block 9.
For further information see www.tullowoil.com
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.