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Tullow Issues Interim Management Statement for Uganda

Source: www.gulfoilandgas.com 5/16/2012, Location: Africa

Tullow Oil plc (Tullow) issues the following Interim Management Statement, for the period 1 January to 16 May 2012, in accordance with reporting requirements of the EU Transparency Directive. This statement is issued in advance of the Group’s Annual General Meeting, which is being held at Haberdashers’ Hall in London, at 12pm today. The Group will announce its half yearly Trading Statement and Operational Update on 4 July 2012. Half year results will be announced on 25 July 2012.

Tullow’s performance to date in the first half has been excellent. In Uganda, the Group completed the $2.9 billion farm down to CNOOC and Total, and is now progressing with exploration, appraisal and development activities. The Ngamia-1 well onshore Kenya has opened a new basin and de-risked significant prospectivity in the region. In Ghana, remedial work on the Jubilee production wells is progressing well, Jubilee Phase 1A development has commenced and the Plan of Development for the Tweneboa-Enyenra-Ntomme (TEN) project is expected to be submitted later this year. Further potential basin-opening exploration campaigns have also recently commenced in Guyana and Côte d’Ivoire. In addition, the Group remains on track to deliver total net production of 78,000 to 86,000 boepd for the full year.

Uganda

In February 2012, Tullow signed two Production Sharing Agreements (PSAs) relating to the Lake Albert Rift Basin with the Government of Uganda enabling the completion of the farm-down to CNOOC and Total for a total consideration of $2.9 billion. A significant programme of exploration and appraisal drilling and testing has now recommenced and will include up to 20 Exploration and Appraisal wells, well testing and the acquisition of further 3D seismic and gravity data.

In EA-1, a significant inventory of prospects has been identified in an unexplored trend to the west of the River Nile. The Omuka well will test this new trend and is due to spud in the fourth quarter of 2012. In EA-2, the Ngege appraisal campaign is under way with two out of four wells successfully drilled to date. In EA-3A, at the southern end of the basin, CNOOC plan to commence drilling the Kanywataba-1 exploration well later this month.

Development planning is progressing through a number of integrated teams with our partners, and major production from the Lake Albert Basin is expected approximately 36 months after a plan for the basin-wide development is approved by the Government of Uganda. Concurrently, options are being considered to allow for the sale of small volumes of crude from well testing to industry, as well as some potential small scale power projects.

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