Tullow Oil Plc Provides its Results for 2011 in Kenya

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.”

Tullow farmed into blocks 10A, 10BA, 10BB, 12A & 13T in Kenya and the South Omo block in Ethiopia in 2010 and Block 12B in Kenya in February 2012. Tullow operates and has a 50% interest in all seven blocks. The acreage covers the Turkana Rift Basin, which has similar characteristics to the Lake Albert Rift Basin, and includes a south-east extension of the geologically older Sudan rift basins trend.

A Full Tensor Gradiometry (FTG) Gravity Survey acquired across most of the Kenya-Ethiopia licence blocks, covering an area of around 100,000 sq km, has been completed and processed. The data quality is excellent and there are strong similarities with the successful FTG survey acquired in Uganda in 2009. A 1,000 km 2D seismic programme in the South Omo Block in Ethiopia completed in early 2012. In Kenya, a 500 km 2D seismic programme was started in Block 13T in January 2012. This will be followed by a 1,350 km 2D survey in Block 10BA.

The Ngamia well in Block 10BB, which has an anticipated depth of 2,700 metres, spudded on 25 January 2012. Once this well is completed, the rig will drill the Paipai-1 well in Block 10A. It is also planned to drill a well in the South Omo Block in Ethiopia, in the third quarter of 2012.

In 2011, Tullow completed a farm-in to Block L8, offshore Kenya, and holds a 15% equity position with a 5% additional equity option. The high-impact Mbawa-1 well will be drilled in the third quarter of 2012 where Tullow has identified a potential oil prone area in this gas rich province.

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Related Categories: Formation Evaluation  General  Geological, Geophysical  Geophysical Contractors  Mud Logging  Reservoir Engineering & Recovery Methods  Seismic survey  Well Completion, Logging, Workover 

Related Articles: Formation Evaluation  General  Geological, Geophysical  Geophysical Contractors  Mud Logging  Reservoir Engineering & Recovery Methods  Seismic survey  Well Completion, Logging, Workover 

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