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Tullow Provides Updates for Lake Albert Rift Basin

Source: www.gulfoilandgas.com 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.

In the Lake Albert Rift Basin, a busy work programme continues with nine appraisal wells and four well tests completed over the period in support of the development plan. Plans to drill exploration wells on the previously undrilled West of Nile trend are also progressing with well pad preparations nearing completion at the Omuka and Riwu well locations. Four rigs are currently active in the basin with a fifth rig mobilised for the EA-1A exploration drilling campaign.

In EA-3A, the Kanywataba-1 exploration well was plugged and abandoned as a dry hole in July 2012 and the associated exploration licence for the Kanywataba area, expired on 2 August 2012. The partnership retains a production licence over the Kingfisher discovery and work is continuing on the preparation of field development plans for submission to the Government of Uganda.

Tullow, CNOOC and Total presented a joint development plan concept for the Lake Albert Rift Basin to His Excellency the President of Uganda and the Government of Uganda in July 2012. A Committee has now been set up by the Government of Uganda comprising representatives of key Ministries and the three Operators to discuss the remaining issues in order to progress the Lake Albert Rift Basin development plan.

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