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Tullow Oil Provides Q3 of 2012 Updates for Ghana

Source: 11/14/2012, Location: Africa

Tullow Oil plc (Tullow) issues the following Interim Management Statement, for the period 1 July to 14 November 2012, in accordance with reporting requirements of the EU Transparency Directive. The Group will announce its full year Trading Statement and Operational Update on 11 January 2013. Full year results will be announced on 13 February 2013.

Tullow’s operational and financial performance in the second half of 2012 to date has continued to be strong. In Ghana, Jubilee field production capacity has been enhanced and is expected to exceed 90,000 bopd (gross) by year-end, while the Plan of Development for the TEN project has now been submitted to the Government of Ghana.

In Kenya, the second exploration well in the Lockichar Basin has successfully encountered oil, further de-risking the basin. Additional exploration drilling and testing results across our significant Kenyan and Ethiopian acreage position are expected before the end of the year. The Zaedyus-2 well is currently drilling offshore French Guiana following up on last year’s basin opening discovery. Tullow continues to enhance its exploration portfolio and widen its global footprint by adding new offshore licences in Mozambique, Uruguay and Greenland. The Group remains on track to deliver average net production of 80,000 to 84,000 boepd for the full year. During the period, Tullow also finalised arrangements for the refinancing of its Reserves Based Lending credit facilities, extending final maturity to 2019.

The acid stimulation of certain Phase 1 production wells in the Jubilee field has proven to be successful and gross production has increased from 63,000 bopd at the middle of 2012 to a recent production rate of around 85,000 bopd, in line with expectations.

In addition, the Jubilee Phase 1A development project is progressing well with five of the eight wells drilled. All of the wells have encountered good quality reservoir on prognosis. Following extensive unplanned maintenance work on the Sedco Energy rig, well completion operations commenced at the end of October and Phase 1A production is expected to begin from one well in the near future. By the end of the year, an additional Phase 1A producer is expected to be brought on line and a further acid stimulation on a Phase 1 well is expected to be completed. This work is expected to take gross Jubilee production above 90,000 bopd by the end of the year and capacity production for the FPSO is expected to be reached in the first half of 2013 as further Phase 1A production and injection wells come on line.

In the second half of 2012, the Tweneboa, Enyenra and Ntomme (TEN) project made good progress and Tullow and partners submitted the Plan of Development to the Minister of Energy in early November 2012. The development is being designed with sufficient flexibility to allow both TEN resources and nearby discoveries to be tied into an FPSO. Following the Wawa discovery on the Deepwater Tano block in July 2012, an appraisal programme is now being evaluated. The Okure exploration well to the south of TEN is currently being drilled and a result is expected in the coming weeks. The rig will then move to drill the Sapele exploration well to the southwest of Jubilee. These wells will complete the exploration campaign on the block before the licence period ends in January 2013.

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