Hewett - Bacton Completion

RNS Number : 2183J
Tullow Oil PLC
01 December 2008
 



News Release 



Tullow completes sale of Hewett Unit Interest to Eni


1 December 2008 - Tullow Oil plc (Tullow) announces that it completed the sale of its 51.69% interest in the offshore Hewett Unit fields and related Bacton onshore gas processing terminal to Eni UK Limited (Eni) on 28 November 2008


The headline cash consideration of £210 million has been received and Eni has taken over operatorship and assumed Tullow's share of all associated abandonment liabilities. Tullow continues to work closely with Eni to ensure a safe and orderly transition of the assets.


FOR FURTHER INFORMATION CONTACT:

 

Tullow Oil plc 
(+44 20 8996 1000)

Aidan Heavey

Ian Springett

Chris Perry

Citigate Dewe Rogerson 
(+44 207 638 9571) 

Martin Jackson

George Cazenove

Murray Consultants 
(+353 1 498 0300) 

Joe Murray 

Ed Micheau


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 100 Index. The Group has interests in over 90 exploration and production licences across 23 countries and focuses on four core areas: AfricaEuropeSouth Asia and South America.


In Africa, Tullow has production in GabonCôte d'IvoireMauritaniaCongo (Brazzaville) and Equatorial Guinea and two large appraisal and development programmes in Ghana and Uganda. Tullow also has exploration interests in GabonCôte d'IvoireMauritaniaSenegal, Congo (DRC), TanzaniaMadagascarNamibia and Angola.


Tullow's European 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 and operates over 70% of its production. The company also has interests offshore the Netherlands and Portugal.


In South Asia, Tullow has exploration and production in Pakistan and Bangladesh and exploration activities in India.


In South America, Tullow has exploration interests in Trinidad and Tobago, Guyana, French Guiana and Suriname.


For further information please refer to our website at www.tullowoil.com.



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