Maritime Boundary Arbitration Update

RNS Number : 3368L

Tullow Oil PLC

27 April 2015

 

News Release

 

Ghana and Côte d'Ivoire Maritime Boundary Arbitration Update

27 April 2015 - The Special Chamber of the International Tribunal of the Law of the Sea (ITLOS) in Hamburg has rejected Côte d'Ivoire's request that Ghana be ordered to suspend all oil exploration and exploitation in the disputed zone including the TEN Project.

Development work on the TEN Project continues. The project is now over 55 percent complete with all 10 of the wells expected to be online at first oil already drilled. The project remains within budget and on schedule with first oil expected in mid-2016.

ITLOS has ordered a number of provisional measures which both Ghana and Côte d'Ivoire are required to comply with; including continued cooperation until ITLOS gives its decision on the maritime boundary dispute which is expected in late 2017.

Tullow is not a party to this arbitration process and will now await a decision by the Government of Ghana on how it will implement the provisional measures order.

The Jubilee Field is completely unaffected by this arbitration.

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 Grant Ringshaw

Murray Consultants (Dublin) ([phone]) Pat Walsh 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). The Group has interests in over 130 exploration and production licences across 22 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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