Sale of interest in M’Boundi to the Korea National Oil Company

Source: www.gulfoilandgas.com 1/31/2008, Location: Africa

Tullow Oil announced the sale of its 11% interest in the onshore M'Boundi field in Congo (Brazzaville) to the Korea National Oil Company (KNOC) for a total cash consideration of $435 million. The deal, which will involve the sale of Tullow's subsidiary company - Tullow Congo Limited, is subject to partner pre-emption and approval from the government of Congo (Brazzaville) and has an effective date of 1 December 2007.

The M'Boundi field was discovered in May 2001 by Maurel and Prom and is one of the largest oil fields to be found onshore Africa in recent years. Through an active programme of water injection and production optimisation initiated by the operator, ENI, current production of approximately 37,000 bopd is expected to increase through 2008.

The M'Boundi field has been an important asset in Tullow's portfolio since the acquisition of Energy Africa in 2004. In the intervening period, the field has made a significant contribution to the Group's organic production and reserves growth. M'Boundi is now entering a new phase in its development at a time when Tullow is also looking to reallocate capital resources to projects where it has more material participation and influence.


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