Venus-B1 Oil Discovery

RNS Number : 1578Z

Tullow Oil PLC

16 September 2009

 



News Release 

Oil discovery in the Venus-B1 exploration well offshore Sierra Leone 

16 September 2009 - Anadarko Petroleum Corporation, the operator of the deepwater Venus-B1 exploration well in Sierra Leone, in which Tullow Oil plc (Tullow) is a 10% partner, today issued the following press release.

HOUSTON, Sept. 16, 2009 - Anadarko Petroleum Corporation (NYSE: APC) today announced a deepwater discovery at the Venus exploration well in block SL 6/07 offshore Sierra Leone. The Venus B-1 well was drilled to a total depth of approximately 18,500 feet in about 5,900 feet of water and encountered more than 45 net feet of hydrocarbon pay. Venus is the first deepwater test in the Sierra Leone-Liberian Basin. 

'The Venus discovery confirms the existence of an active petroleum system in the basin and enhances the prospectivity of our vast West Africa acreage position,' said Bob Daniels, Anadarko Sr. Vice President, Worldwide Exploration. 'With Jubilee on the east and Venus on the west, we have established bookends spanning approximately 1,100 kilometers (700 miles) across two of the most exciting and highly prospective basins in the world. Anadarko and our partners are evaluating the initial results of the well and the forward plan for the prospect, and anticipate additional drilling in the area. We are optimistic that the continued success of our West African Cretaceous program will create substantial value for our stakeholders as well as the people of West Africa through continued investment and increased activity. Anadarko plans to drill two to five wells in the trend next year.' 

The Venus prospect is one of Anadarko's more than 30 identified prospects and leads on its West Africa acreage position, which includes interests in almost 8 million acres across 10 blocks offshore Sierra Leone, Liberia, Côte d'Ivoire and Ghana. Anadarko operates seven of the blocks and the majority of the identified prospects with an average working interest of approximately 40 percent.

The company plans to continue its West Africa drilling operations in the Cretaceous Trend by drilling the South Grand Lahou exploration well in block CI 105 offshore Cote d'Ivoire once activities are completed at the Venus discovery well.

Anadarko operates the Venus well with a 40-percent working interest. Co-owners in the discovery include Woodside (25-percent working interest), Repsol (25-percent working interest) and Tullow (10-percent working interest).

Anadarko plan to host a conference call today at 7:30 a.m. CDT, 8:30 a.m. EDT

Anadarko will host a conference call today, Sept. 16, 2009 at 7:30 a.m. Central Daylight Time (8:30 a.m. Eastern Daylight Time) to discuss the results of the Venus well and its ongoing West Africa exploration program. The dial-in number is 888.679.8040 in the United States or 617.213.4851 internationally. The confirmation number is 90952793. For complete instructions on how to listen to the conference call or live audio webcast, please visit www.anadarko.com. A replay of the call will also be available on the Web site for approximately 30 days following the conference call. 

FOR FURTHER INFORMATION CONTACT:

Tullow Oil plc  ([phone]) Angus McCoss Chris Perry James Arnold

Citigate Dewe Rogerson  ([phone])  Martin Jackson George Cazenove

Murray Consultants  ([phone])  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 85 exploration and production licences across 23 countries and focuses on four core areas: Africa, Europe, South Asia and South America.

In Africa, Tullow has production in Gabon, Côte d'Ivoire, Sierra Leone, Mauritania, Congo (Brazzaville) and Equatorial Guinea and two large appraisal and development programmes in Ghana and Uganda. Tullow also has exploration interests in Gabon, Côte d'Ivoire, Liberia, Mauritania, Senegal, Congo (DRC), 

Tanzania, Madagascar, Namibia 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 area. The company also has interests offshore the Netherlands and Portugal. 

In South Asia, Tullow has exploration and production in Pakistan and Bangladesh. In South America, Tullow has exploration interests in Guyana, French Guiana and Suriname. 

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

 

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