Tullow Awards 50% interest in Block 1/06 Offshore Angola

Source: www.gulfoilandgas.com 8/3/2006, Location: Africa

Formal notice has been received from Sonangol E.P., the National Oil Company of Angola, that Tullow Oil has been awarded a 50% operating interest in Block 1/06, a 3,800 sq km oil exploration concession in the Lower Congo Basin, offshore Angola.

Tullow expects to enter into a Production Sharing Contract with Sonangol E.P. in August 2006. A signature bonus of $US10 million will be payable by the joint venture group.

Block 1/06, which extends from a water depth of 40m to approximately 300m, contains three undeveloped oil fields, Pitangueira, Bananeira and Sapesapeiro.

Tullow's initial objective will be to evaluate the commerciality of these discoveries by drilling two wells on two of the structures in late 2007.

As part of the further work program, a 600 sq km 3D seismic survey will be conducted and a third exploration well will be drilled during the first four-year period to test prospective intervals.


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