Well Update

RNS Number : 5378S

Tullow Oil PLC

13 September 2010

 

News Release

 

 

Owo-1 sidetrack confirms major oil discovery

13 September 2010 - Tullow Oil plc (Tullow) announces that the Owo-1 exploration sidetrack in the Deepwater Tano licence offshore Ghana has significantly extended the column of high quality light oil discovered by the Owo-1 well. Results of drilling, wireline logs and samples of reservoir fluids confirm that Owo is a major new oil field.

The Owo-1 well encountered 53 metres of net oil pay and the sidetrack, drilled 0.6 km east of the Owo discovery well, encountered an additional 16 metres of net oil pay in the lower part of the same channel system. Pressure data indicates that this oil pay is in communication with the reservoirs penetrated in the Owo-1 well and confirms at least 69 metres of total net oil pay in a substantial gross oil column of 200 metres.

Beneath the Owo oil field, 13 metres of net condensate pay was also discovered, with an additional 6 metres of net gas pay logged in the deepest sand encountered. No water was encountered in any of the hydrocarbon bearing reservoirs in either well.

Following completion of logging operations the well will be suspended for future use in appraisal and development.

The Sedco-702 dynamically positioned semi-submersible drilled the Owo-1 sidetrack to a final depth of 3,998 metres in water depths of 1,428 metres. On completion of operations, the rig will remain in the Deepwater Tano block to drill the Onyina-1 exploration well which targets a large Campanian prospect between the Tweneboa and Jubilee fields.

Tullow (49.95%) operates the Deepwater Tano licence and is partnered by Kosmos Energy Ghana (18%), Anadarko Petroleum (18%), Sabre Oil & Gas (4.05%) and the Ghana National Petroleum Corporation (GNPC) (10% carried interest).

Commenting today, Angus McCoss, Exploration Director, said:

"The Owo-1 sidetrack has proved a very substantial 200 metre gross oil column in the heart of the Owo oil field and new condensate and gas accumulations below. Appraisal wells are currently being planned to extend the main Owo oil discovery up-dip and down-dip, to appraise the adjacent Tweneboa oil and gas condensate accumulation and, to refine further our estimates of recoverable resources of both fields. The discovery of very material volumes of light oil in Owo and the fact that the oil is concentrated in high quality channel sands greatly enhances our outlook for the efficient future development of both the Owo and Tweneboa fields."

A resources update for Owo, Tweneboa and Ntomme can be accessed via our website at:

http://files.the-group.net/library/tullow/client_upload/File/owo_tweneboa_ntomme_resource_summary.pdf 

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 22 countries and focuses on four core areas: Africa, Europe, South Asia and South America.

In Africa, Tullow has production in Gabon, Côte d'Ivoire, 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, Sierra Leone, Mauritania, Kenya. Ethiopia, 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.

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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