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Tullow Oil Provides Gabon Business Update

Source: www.gulfoilandgas.com 12/21/2006, Location: Africa

Tullow has recently acquired a package of assets from the Gabonese Government through a 50:50 Joint Venture with AIC-Petrofi Limited. The package comprises interests in three producing fields and back-in rights to a further nine Exploration Licences. Two additional fields, presently held under exploration licences, are awaiting development approval and are expected on stream over the next 18 months.

The acquisition adds approximately 350 boepd of current production net to Tullow from the Obangue (3.75%), Tsengui (3.75%)and Oba (5%) fields. As the development of these fields progresses and the two additional developments are brought on stream, net working interest production is expected to rise to approximately 1,000 boepd by early 2008.

The exploration licences are located in areas of significant potential and when combined with Tullow’s existing Gabonese interests give the Group exposure to almost 40% of Gabon’s currently licensed acreage. Although the consideration cannot be stated for reasons of commercial confidentiality, it can be confirmed that it represents less than 1% of Tullow’s market capitalisation.

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