31st May 2006 12:30
Tullow Oil PLC31 May 2006 News release Tullow Oil plc - Annual General Meeting 31 May 2006 - At today's Annual General Meeting Tullow Chairman, Pat Plunkett, made the following statement: During 2005, Tullow continued to report strong growth and financial performance.Over the last few years the Group has steadily developed a balanced explorationand production portfolio based on its three Core areas, each of which has both arising production profile and significant exploration and development upside.The performance of our assets, combined with the ongoing strength of UK gas andglobal oil prices has allowed us to invest substantially in our business whilstsimultaneously increasing returns to our shareholders in the form of dividends. In the UK, Tullow's Southern Gas Basin ("SNS") business grew significantly in2005. Key events during the year were the acquisition of the Schooner and Ketchassets, the completion of the operated Horne and Wren development and thedrilling of 3 successful exploration wells. In 2006 we have brought on streamthe first of our planned redevelopment wells on Schooner and Ketch andparticipated in two new exploration discoveries on the Humphrey and Cygnusprospects. These advances show that Tullow's focused approach can continue todeliver value in a mature basin such as the SNS. Tullow's African oil interests also continue to perform well. During 2005,overall production in Africa rose to over 35,000 bopd and the Group achievedorganic reserves replacement of over 200%, mainly through the exceptionalperformance of infill drilling programmes in Gabon and Equatorial Guinea. 2006will see first oil from important new developments including West Espoir in Coted'Ivoire and Okume in Equatorial Guinea in addition to ongoing development andproduction enhancement work in Gabon and Congo (Brazzaville). Tullow continuesits active exploration programme in Africa, where, following three successfulexploration wells to date in 2006, the ongoing exploration and appraisal of theAlbertine Graben in Uganda has potential to establish a new world class oilprovince in this underexplored area. Preparations are also in progress forappraisal drilling to commence on the Kudu gas field in Namibia in early 2007 totest the significant additional reserve potential of the field. In Asia, Tullow has interests in India, Pakistan and Bangladesh, and in eachcase the investments of 2005 are already showing returns. In Bangladesh, we arenow producing 50 mmscfd from the Bangora-1 well, supplying important additionalgas to the regional market. In addition, Tullow has embarked on an extensiveappraisal programme on the Bangora-Lalmai anticline, where material additionalreserve potential has been identified. In Pakistan the fourth quarter of 2006will see first gas from the Chachar development, while in India seismicoperations on the CB-ON-1 Block are already providing significant encouragementfor a multi-well drilling programme in early 2007. A more detailed review of operations will be provided in our pre-close periodTrading Statement and Operational Update in July 2006. In conjunction with the ongoing investment in our assets, Tullow has alsocontinued to develop its staff, Board and Management. In March 2006 Paul McDade, Chief Operating Officer, was appointed to the Board of Tullow and today Iam delighted to announce the appointment of David Williams as a non-executiveDirector with effect from 1 June. David brings a wealth of public companyexperience to the Group from 15 years with Bunzl plc, the last 5 years asFinance Director and more recently as non-executive director of The Peninsularand Oriental Steam Navigation Company until its recent acquisition and GeorgeWimpey plc, where he is the Senior Independent Director. While we have been fortunate in attracting outstanding individuals to help theGroup continue its growth, today also brings the retirement of our ExplorationDirector, Adrian Nel, one of the most senior and respected explorers in ourindustry. While we are naturally sad to see Adrian go, and wish him well in hisretirement, we are delighted that he has assisted us in identifying andrecruiting his successor, Angus McCoss, who joined Tullow in April as GeneralManager Exploration. Tullow's long term objective is to continue to build its business across each ofits core areas through a mixture of exploration, development, acquisition andportfolio management. While the current environment for independent oil and gascompanies is a competitive one, the Group continues to identify and have accessto attractive opportunities. Performance to date in 2006 has been encouragingand I look forward to reporting further progress as the year unfolds. I wouldlike to thank shareholders and employees for their continued support of thebusiness. Pat Plunkett 31 May 2006 For further information contact: Tullow Oil plc Citigate Dewe Rogerson Murray Consultants (+44 20 8996 1000) (+44 207 638 9571) (+353 1 498 0300) Aidan Heavey Martin Jackson Joe Murray Tom Hickey Paul Mc Dade Notes to Editors Tullow is a leading independent oil and gas, exploration and production group,quoted on the London and Irish Stock Exchanges (symbol: TLW) and is aconstituent of the FTSE 250 Index. The Group has interests in approximately 90production and exploration licences in 15 countries and focuses on three coreareas: NW Europe, West Africa and South Asia. Tullow's NW Europe interests are primarily focused on gas in the UK SouthernNorth Sea where it has significant interests in the Caister-Murdoch System andthe Thames/Hewett areas. Tullow operates 60% of its production from theseareas. In Africa, Tullow has production, development and exploration interests inGabon, Cote d'Ivoire, Congo (Brazzaville) and Equatorial Guinea and a largefield development programme in Namibia. Tullow also has exploration programmesin Mauritania, Senegal, Cameroon, Madagascar, Uganda and Angola. In South Asia, Tullow has exploration and production interests in Pakistan andBangladesh and exploration activities in India. For further information please refer to our website at www.tullowoil.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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