Tullow Oil PLC
09 June 2004
Tullow Oil plc
9th June 2004
TULLOW OIL
GAS DISCOVERY AT LALMAI, BANGLADESH
Tullow Oil plc ('Tullow'), the independent oil and gas exploration, development
and production company, announces today that it has discovered gas in its
Lalmai-3 well in Block 9, onshore Bangladesh.
The Lamlai-3 well was drilled to evaluate the potential of a large anticlinal
structure, and reached a total depth of 2800m on 25th May. The well flowed dry
gas at rates of up to 8.6 MMscfd from a zone at 2420 - 2460 metres. Testing was
carried out over a nine-day period and no reservoir depletion was identified.
The discovery is located close to existing pipelines and there is a ready market
for any available gas in Bangladesh. Tullow is formulating plans to appraise
the potential of the Lalmai structure on completion of the currently drilling
Bangora well, which is some forty kilometres directly north of Lalmai on the
same structural trend.
Aidan Heavey, Tullow's CEO commented: 'While it is too early to comment on the
commercial value of this discovery, the presence of gas in such a large
anticline, which runs from Lalmai to Bangora, offers considerable upside
potential.
This is a very exciting time for Tullow, having just completed the acquisition
of Energy Africa. We are pressing ahead with two exploration wells, one at
Bangora (30%) spudded on 2nd June and the other at the RAK-1 well in Morocco
(10%,) also spudded on 2nd June. We have plans to drill up to twelve further
exploration wells during the remainder of the year.'
For Further Information Contact:
Tullow Oil plc (+44 20 7333 6800)
Aidan Heavey
Brian O'Cathain
Citigate Dewe Rogerson (+44 207 638 9571)
Martin Jackson
Murray Consultants (+353 1 498 0300)
Joe Murray
Notes for Editors
'Tullow' where referred to in this release means Tullow Oil plc and/or its
subsidiaries, as appropriate.
Tullow has been active in Bangladesh since 1997, and was awarded the Block 9 PSC
in 2001. Tullow Bangladesh Limited, (30%), operates Block 9 with co-venturers
Niko Exploration (Block 9) Limited, (60%), and Bangladesh Petroleum Exploration
and Production Limited, (10%).
Tullow is one of the leading independent international oil and 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 ninety exploration and production licences spread
over three core areas: UK North Sea, West Africa and South Asia. Tullow
recently completed the acquisition of Energy Africa, which takes the number of
countries in which Tullow is active to sixteen.
In the North Sea, Tullow's principal interests are in the CMS and the Thames/
Hewett group of licences and the Bacton onshore gas-processing terminal, which
it operates.
In Africa, Tullow has production in Gabon, Cote d'Ivoire, Congo (Brazzaville)
and Equatorial Guinea, and is actively pursuing the development of the Kudu gas
field in Namibia. Tullow is also active in exploration programmes in Morocco,
Mauritania, Senegal, Cameroon, Uganda and Egypt.
In South Asia, Tullow has production and exploration interests in Pakistan and
exploration activities in India, in addition to Bangladesh.
For further information see www.tullowoil.com
This information is provided by RNS
The company news service from the London Stock Exchange
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