Tullow Oil PLC
01 August 2003
TULLOW ANNOUNCES UK 21st OFFSHORE LICENSING ROUND SUCCESS
Tullow Oil plc ('Tullow'), the independent international oil and gas exploration
and production company, announces that its wholly owned subsidiary Tullow Oil UK
Limited ('TOUK') has been awarded four Seaward Production Licences on the United
Kingdom Continental Shelf ('UKCS'). The licence awards, announced by the Energy
Minister, Stephen Timms, comprise a total of five UKCS blocks or part blocks,
four operated and one non-operated. The awards are listed in the Appendix to
this release.
Block 44/19 lies in the Southern Gas Basin in close proximity to the Caister
Murdoch System ('CMS') infrastructure, in which TOUK has a significant interest,
offering the potential for early commercial production through CMS. The work
program allows for the re-evaluation of a 3D seismic survey, with the option to
drill or drop the acreage after the data has been thoroughly assessed.
The 49/30b block, also in the Southern Gas Basin, secures the extension of a
significant gas discovery in block 50/26b in which TOUK already has a 65%
interest. The work programme involves engineering studies to review the
potential for early commercialisation of this discovery.
The remaining three blocks, 38/5, 39/2b and 39/7, are located in the prolific
Central North Sea oil province, close to production infrastructure, and build
upon TOUK's recent expansion beyond the Southern Gas Basin. The work programme
involves reprocessing and acquisition of 3D seismic data with the option to
drill or drop the acreage.
John Lander, TOUK's Managing Director stated: 'We are delighted with this major
award of very prospective and mainly operated acreage. The new blocks support
both our strategy of growth from around our core areas in the Southern Gas Basin
and our desire to continue to expand our presence in the oil province of the
Central North Sea. We look forward to an early development decision of the 49/
30b discovery and an exciting exploration programme on the other acreage.'
For further information:
Tullow Oil plc
Tel: +44-020 7333 6800
Aidan Heavey - Chief Executive
Chris Flavell - Exploration Manager - TOUK Limited
www.tullowoil.com
Binns & Co PR Ltd
Tel: +44-020 7786 9600
Emma McCaffrey
Peter Binns
www.binnspr.co.uk
Appendix:
The following blocks were awarded by the Department of Trade and Industry to
TOUK:
Tullow Operated Blocks
49/30b Tullow* 50%, ATP 50%
38/5 Tullow* 35%, Encana 55%, Edinburgh O&G 10%
39/2b, 39/7 Tullow* 30%, Premier 30%, Encana 30%, Edinburgh O&G 10%
Tullow Interest Block
44/19 (part) Tullow 22.5%, ConocoPhillips 50%*, GdF 27.5%
*denotes operator
Notes to Editors
Tullow Oil plc is a UK registered company, quoted on the London and Irish stock
exchanges, and one of the largest Independent Exploration and Production
companies in Europe. Its primary offices are in London (UK & Corporate) and
Dublin (International Business).
Tullow Oil has interests in 58 exploration and production licences spread over
three core areas - Europe, South Asia and West Africa, with regional offices in
each area.
This information is provided by RNS
The company news service from the London Stock Exchange
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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.
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