Tullow Provides Q3 of 2012 Updates for Kenya

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.

Following the excellent start to its Rift Basin exploration campaign in Kenya with the discovery of over 100 metres of net oil pay in the first exploration well, Ngamia-1 in Block 10BB, Tullow commenced drilling the Twiga South-1 exploration well in August 2012. The well is located 22km north of Ngamia in the adjacent Block 13T and is testing a new structure in the same, Tertiary aged, geological basin as Ngamia. On 31 October 2012, Tullow announced that oil had been encountered in the Twiga South-1 well and that further details will follow after the well has reached Total Depth (TD) and a full set of wireline logs have been run. These activities are expected to be completed in the coming weeks and a testing programme on the Twiga South-1 and Ngamia-1 wells is being considered.

Following the Ngamia-1 success, a decision was taken to accelerate the exploration programme and consequently two additional rigs have been contracted for operations in Kenya and Ethiopia. The Paipai-1 well commenced drilling in Block 10A onshore Kenya in September 2012 and is currently drilling toward the planned TD of 4,500 metres to test a deeper Cretaceous age basin. In Ethiopia, a rig is currently being mobilised to drill the Sabisa-1 well in the South Omo block, which is expected to commence in late December 2012.

Significant seismic activity has continued across the acreage during the period. In Ethiopia, 1,000km of 2D seismic was completed and the acquisition of a further 500km of 2D commenced in the Chew B’hir region of the South Omo block. In Kenya, a further 2,000km 2D seismic programme is currently being acquired in Blocks 13T, 10BA and 10BB. Additionally, an airborne gravity and magnetic survey has been acquired in the 12B licence. The exploration team continues to study many leads and prospects within the 100,000 sq km of acreage that Tullow operates in Kenya and Ethiopia with over 100 leads and prospects already identified.

In offshore Kenya Block L8, the Mbawa-1 exploration well result was announced in September 2012 after encountering approximately 52 metres of net gas pay in the shallower primary target. This is the first hydrocarbon discovery offshore Kenya and clearly demonstrates a working petroleum system. Although the deeper targets at this location were unsuccessful, and the well has been plugged and abandoned, these results will be instrumental in evaluating the remaining oil prospectivity of this block.


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