16th Jun 2006 07:00
Tullow Oil PLC16 June 2006 News release Tullow Oil plc - Exploration Drilling Update 16 June 2006 - Tullow Oil plc (Tullow) provides the following ExplorationDrilling Update; a detailed update on Tullow's business will be provided in ourTrading Statement and Operational Update on 5 July 2006. UK - K4 GAS DISCOVERY (Tullow 22.5%) The K4 exploration well, 44/23b-13, has encountered reservoir quality gasbearing sands in the targeted Lower Ketch Carboniferous interval and significantupside potential has been identified. Information obtained from the well willnow be integrated with existing data to determine the full extent of theaccumulation. The K4 discovery lies five kilometres to the southeast of last year's Kelvin(K3) gas discovery. Any future development of K4 will most likely be via theKelvin development which is expected to be developed by a minimum-facilitiesplatform with a pipeline to the central CMS hub at Murdoch. The success of K4 also provides further encouragement for the remainingexploration potential of this area. The K4 joint venture partners are Tullow Oil plc (22.5%), ConocoPhillips (U.K.)Limited (50%) and GDF Britain Limited (27.5%). EQUATORIAL GUINEA - BANYAN EXPLORATION WELL (Tullow 10%) The deep water Banyan exploration well in Block L offshore Equatorial Guinea,targeting the Campanian reservoir, commenced drilling on 5 May and reached atotal depth of 4,076m but did not encounter hydrocarbons. Following a farmoutin 2005, Tullow was substantially carried for the costs of this well. Commenting today, Aidan Heavey, Chief Executive of Tullow said: "The K4 discovery marks Tullow's seventh consecutive gas discovery in the CMSarea since 2001. This achievement demonstrates the strength of our UKexploration portfolio and the quality of our technical team who have upgraded apreviously under-explored geological play in the CMS area with potentiallysignificant implications for future exploration in the region." For further information contact:Tullow Oil plc Citigate Dewe Rogerson Murray Consultants(+44 20 8996 1000) (+44 20 7638 9571) (+353 1 498 0300)Angus McCoss Martin Jackson Joe MurrayChris 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 250 Index. The Group has interests in approximately 90exploration and production licences in 15 countries and focuses on three coreareas: NW Europe, 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 (CMS)and the Thames/Hewett areas and operates over 60% of its production. In Africa, Tullow has exploration and production in Gabon, Cote d'Ivoire, Congo(Brazzaville) and Equatorial Guinea and a large gas field development andappraisal programme in Namibia. Tullow also has exploration programmes inMauritania, Senegal, Cameroon, Uganda, Madagascar and Angola. In South Asia, Tullow has exploration and production in Pakistan and Bangladeshand high impact exploration activities in India. For further information please refer to our website at www.tullowoil.com ENDS This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Tullow Oil