Acquisition

RNS Number : 0193S
Tullow Oil PLC
02 September 2010
 



News Release

 

 

Tullow acquires a 50% interest of the East African Rift Basins of Kenya and Ethiopia

2 September 2010 - Tullow Oil plc ("Tullow") announces the acquisition of a 50% operated interest in six adjacent licences covering the East African Rift Basins of Kenya and Ethiopia, an area of 97,000 sq km.

 

Tullow has signed agreements with Africa Oil Corp ("Africa Oil") to gain a 50% interest in five licences; Blocks 10BB, 10A, 12A and 13T in Kenya and the South Omo Block in Ethiopia. This acquisition expands on the farm-in to Block 10BA from Centric Energy ("Centric") announced in August.

 

Under the terms of the agreements with Africa Oil, Tullow will reimburse pro-rata past costs in each of these blocks and will carry Africa Oil for future net expenditures up to US$23.75 million.

 

This East African Rift Basin acreage shares many geological attributes with Tullow's Lake Albert Rift Basin position in Uganda however it is approximately ten times larger. The acreage, which is located 500 km to the east of Lake Albert has good evidence of a live oil system. The Loperot-1 well drilled in 1992 recovered 29 degree API waxy crude from Miocene sandstones. Seismic programmes are planned for the acreage in 2010 and 2011 and the first wells are expected to be drilled next year.

 

The above transactions are subject to formal government approvals.

 

A map of the new acreage can be accessed via our website at:

 

http://www.tullowoil.com/index.asp?pageid=137&newsid=675

 

 

Commenting today, Angus McCoss, Exploration Director, said:

"We are delighted to be extending our acreage across the prospective East African Rift Basins of Kenya and Ethiopia. Rift Basins are a core play for Tullow and to date we have discovered and identified resources in excess of 2.5 billion barrels in the Lake Albert Rift Basin in Uganda. We look forward to working with our new partners and applying our valuable technical insights to this under-explored frontier region of East Africa."

 

FOR FURTHER INFORMATION CONTACT:

Tullow Oil plc
(+44 20 8996 1000)

Angus McCoss

Chris Perry

James Arnold

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 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, 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.


This information is provided by RNS
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