7th May 2008 07:01
Tullow Oil PLC07 May 2008 News release Drilling Update: Banda NW ST-1, Offshore Mauritania 7 May 2008 - ROC Oil, a participant in the Banda NW exploration well, in whichTullow Oil plc (Tullow) is also a partner, today issued the following pressrelease: "Roc Oil (Mauritania) Company, a wholly owned subsidiary of ROC, advises that asat midnight (local time) on 3 May 2008, the Banda NW ST-1 sidetrack well hadbeen suspended. The results of the wireline logging, Modular Dynamic Tester (MDT) pressuretesting and sampling indicate that Banda NW ST-1 intersected an 85 metre grossgas column, with 15 metres (18%) net gas pay and a 15 metre gross oil column,with 10 metres net oil pay (67%). The fluid contacts were as expected and thewell is interpreted to be in communication with the original Banda-1 discoverywell drilled in 2002, approximately 2 kilometres to the east. The Banda Fieldis in approximately 300 metres of water and spans PSC Area A and PSC Area B. The Atwood "Hunter" will commence with the planned well intervention work on theChinguetti Field, once it has completed the move from Banda NW ST-1." Participating Interests in the PSC Area A Joint Venture are: ROC Group Companies.......................................... 4.155%PC Mauritania I Pty Ltd (Operator).......................... 53.846%Tullow Oil plc.............................................. 24.300%Mauritania Holdings B.V..................................... 13.084%Fusion Mauritania A B.V...................................... 3.000%FP Mauritania A B.V.......................................... 1.615% Participating Interests in the PSC Area B Joint Venture are: ROC Group Companies.......................................... 3.693%PC Mauritania I Pty Ltd (Operator).......................... 53.846%Tullow Oil plc.............................................. 21.600%Mauritania Holdings B.V..................................... 11.630%Premier Oil Mauritania B Limited............................. 9.231% Commenting today, Aidan Heavey, Chief Executive of Tullow said: "The success of Banda NW and its sidetrack has presented a clear opportunity todrill an appraisal well in the east of the field to assess the size of thisexciting oil and gas discovery. Additionally, data from these wells will proveinvaluable in our evaluation of the remaining exploration potential of theoffshore Mauritanian acreage". For further information contact: Tullow Oil plc Citigate Dewe Rogerson Murray Consultants(+44 20 8996 1000) (+44 20 7638 9571) (+353 1 498 0300)Aidan Heavey Martin Jackson Joe MurrayTom Hickey George Cazenove Ed MicheauChris Perry Notes to Editors Tullow is a leading independent oil & gas, exploration and production group,quoted on the London and Irish Stock Exchanges (symbol: TLW) and is aconstituent of the FTSE 100 Index. The Group has interests in over 100exploration and production licences across 23 countries and focuses on four coreareas: Europe, Africa, South Asia and South America. Tullow's European 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 and operates over 70% of its production. The companyalso has interests offshore the Netherlands and Portugal. In Africa, Tullow has exploration and production in Gabon, Cote d'Ivoire,Mauritania and Equatorial Guinea and two large appraisal and developmentprogrammes in Ghana and Uganda. Tullow also has exploration interests inMauritania, Senegal, Congo (DRC), Tanzania, Madagascar, Namibia and Angola. In South Asia, Tullow has exploration and production in Pakistan and Bangladeshand high impact exploration activities in India. In South America Tullow has high impact exploration interests in Trinidad andTobago, French Guiana and Suriname. 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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