Govt. of Ghana approves Development Plan for TEN

RNS Number : 8965F

Tullow Oil PLC

30 May 2013

 



News Release

Government of Ghana approves Development Plan for the TEN Project

30 May 2013 - Tullow Oil plc (Tullow) announces that the Government of Ghana has formally approved the Development Plan for the Tweneboa-Enyenra-Ntomme Development ("the TEN Project"). The approval paves the way for Tullow and its partners, Kosmos Energy, Anadarko Petroleum, PetroSA and the Ghana National Petroleum Corporation, to proceed with the development of these discoveries.

The TEN Project is located in the Deepwater Tano Contract Area, 60 kilometres off the coast of Ghana and approximately 30 kilometres west of the Tullow Operated Jubilee Field. The TEN Project is expected to deliver first oil in 2016, with a plateau production rate of 80,000 bopd. Development of the TEN Project will require the drilling and completion of up to 24 development wells which will be connected through subsea infrastructure to a Floating, Production, Storage and Offloading vessel (FPSO), moored in approximately 1,500 metres of water.

Design work on the FPSO, subsea facilities and the development wells was initiated in 2011 and, following approval of the Development Plan, major contracts will now be finalised and subsequently awarded. The award of these contracts will enable Tullow and its partners to build on their commitment to help develop the oil and gas sector in Ghana by expanding local capability and participation in the supply chain, particularly through the in-country fabrication requirement of the TEN Project.

Tullow is Operator of the Deepwater Tano Contract Area with an equity interest of 47.175%. Other partner interests are Kosmos Energy (17%), Anadarko Petroleum (17%), Sabre Oil & Gas Holdings Ltd, a wholly owned subsidiary of Petro SA (3.825%), and the Ghana National Petroleum Corporation (15%).

Aidan Heavey, Chief Executive Officer, said today,

"I am delighted that the TEN Project Development Plan has been approved by the Government of Ghana. This is an important project that will give Ghana its second major offshore development. The Government of Ghana have shown faith in Tullow and its partners again and has set us a number of important targets around local content and supply chain. I have every confidence that we will meet these targets and look forward to working with the Government of Ghana and with our partners to deliver the TEN Project."

FOR FURTHER INFORMATION CONTACT:

Tullow Oil plc (London) ([phone]) Chris Perry (Investor Relations) James Arnold (Investor Relations) George Cazenove (Media Relations)

Citigate Dewe Rogerson (London) ([phone]) Martin Jackson Jack Rich

Murray Consultants (Dublin) ([phone]) Ed Micheau Joe Heron

Notes to Editors

Tullow Oil plc

Tullow is a leading independent oil & gas, exploration and production group, quoted on the London, Irish and Ghanaian stock exchanges (symbol: TLW) and is a constituent of the FTSE 100 Index. The Group has interests in over 150 exploration and production licences across 25 countries which are managed as three regional business units: West & North Africa, South & East Africa and Europe, South America and Asia.

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