Tullow Oil plc - New partner introduced to Kudu project

Source: www.gulfoilandgas.com 4/4/2007, Location: Africa

Tullow Oil plc (Tullow) announces that it has reached agreement to sell Itochu Corporation (Itochu) a 20% interest in its Republic of Namibia Production Licence No. 001, which contains the Kudu gas field. To earn the 20% interest, Itochu will pay 40% of the cost of two appraisal wells to investigate the significant upside potential of the Kudu field. In addition, under the terms of the transaction, Itochu will make further financial payments depending on the ultimate volume of reserves developed and will provide Tullow with beneficial development financing for the project. The transaction is subject to partner pre-emption rights and Namibian Government approvals.

The objective of the two-well appraisal programme is to establish commercially productive flow rates from the extensive Kudu East reservoir originally tested by the Kudu-5 well. If this can be achieved, then a multi-tcf upside potential will be demonstrated therefore expanding the development options available for the Kudu field.

The Pride South Seas semi-submersible rig is scheduled to arrive on location at the end of April and each well is expected to take approximately 80 days to drill.

Commenting today, Aidan Heavey, Chief Executive of Tullow said: "We are delighted to welcome Itochu, a strong international partner, to work with Tullow in the appraisal and development of the Kudu gas field. This is a very exciting time in the appraisal programme which has the potential to transform the Kudu asset by significantly increasing the reserve base and open up a number of additional development options. The successful development of this asset has the potential to make a very important contribution to Namibia's long-term power needs and Tullow is committed to sanctioning this project at the earliest opportunity".


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