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Tullow Oil Provides its Results for 2011 in Tanzania

Source: www.gulfoilandgas.com 3/14/2012, Location: Africa

Tullow Oil plc, the independent oil and gas exploration and production Group, announces its results for the year ended 31 December 2011. 2011 was a very good year for Tullow. Industry leading exploration success continued with the opening of a major new basin offshore French Guiana as well as further discoveries in Africa. The Group’s financial performance has also been strong with record results for the year based on a 35% increase in production and significantly higher commodity prices helping to deliver a profit after tax increase of 670% to $689 million. Since year-end, Tullow has completed the $2.9 billion farm down in Uganda. Tullow now has a strong balance sheet providing financial flexibility and a solid foundation for future growth.

Commenting, Aidan Heavey, Chief Executive, said: “Record results in 2011 and the $2.9 billion farm down to CNOOC and Total in Uganda are further landmarks in Tullow’s evolution. In the coming year, we will continue to execute our industry-leading exploration programme, appraise major discoveries and invest in key development projects in Ghana and Uganda. Tullow now has a very strong balance sheet and increased cash flow, which gives us real financial flexibility and a firm foundation for further growth. With many opportunities for growth, 2012 promises to be another excellent year for Tullow.”

Until November 2011, Tullow held a 50% interest in the Ruvuma Concession comprising the Lindi and Mtwara Blocks. In November 2011, Tullow farmed-down half its interest (25%) to its partners, Ndovu Resources Ltd (Aminex) and Solo Oil. Owing to a delay in securing the drilling rig, Caroil 6, an extension was granted by the Ministry of Energy and Minerals for completion. Ntorya-1 spudded on 22 December 2011 in the Mtwara Block. Tullow elected to withdraw from this well in March 2012.

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