Tullow Trading Statement and Operational Update

Source: www.gulfoilandgas.com 7/8/2009, Location: Africa

Tullow Oil plc issues this Trading Statement in respect of the first half of the 2009 financial year ended 30 June 2009. This is in advance of the Group’s Half-Yearly Results, which are scheduled for release on Wednesday 26 August 2009. The Operational Update is in respect of recent Production, Development and Exploration activities. The information contained herein has not been audited and is subject to further review.

Ghana and Equatorial Atlantic Activities
- Jubilee Phase 1 Plan of Development finalised with the Government of Ghana for formal approval. Development drilling, FPSO conversion and subsea facilities fabrication all on track for 2010 first oil.
- Tweneboa-1 makes a significant discovery, extending the Jubilee play westwards.
- Five potentially transformational exploration and appraisal wells scheduled for 2H 2009; Mahogany-4, Mahogany. Deep-2, Tweneboa-2 and Teak-1 in Ghana and South Grand Lahou in Côte d’Ivoire.
- Farm-in offers received for French Guiana acreage. New 3D seismic surveys reveal large leads offshore Guyana and Liberia. A further two licences are being acquired elsewhere in Liberian Basin.

Uganda Operations
- Current activities are focused on development planning and commercialisation. Detailed evaluation of short-term fuel supply for local power and options for full-scale refining and export has commenced.
- Wahrindi-1 finds oil, extending the Victoria Nile Delta play. New leading edge gravity-seismic technologies are being applied to fully explore and develop this multi-billion barrel basin.
- Ngassa-2 drilling operations are ongoing and oil shows have been encountered. Total Depth is expected to be reached in August.

Group Operations and Financials
- Group working interest production averaged 59,000 boepd for the first half of 2009 and is expected to average approximately 58,000 boepd for the full year.
- First half capital expenditure of £425 million with forecast 2009 expenditure of £700 million.
- Net debt at 30 June 2009 was approximately £435 million.


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