22nd Aug 2007 07:01
Tullow Oil PLC22 August 2007 Ghana Exploration Update - Hyedua-1 well, Deepwater Tano 22 August 2007 - Tullow Oil plc (Tullow) announces that the Hyedua-1 well,drilled on the Deepwater Tano licence offshore the Republic of Ghana, hasdiscovered a significant light oil accumulation based on the results ofdrilling, wireline logs and samples of reservoir fluid. Initial data from thewell indicates that the Hyedua-1 and Mahogany-1 wells are likely to represent asingle continuous trap extending across the West Cape Three Points and DeepwaterTano blocks. Tullow operates the Deepwater Tano licence (49.95%) and also holdsan interest in the West Cape Three Points licence (22.9%). Hyedua-1 is being drilled as the initial exploration well on the Deepwater Tanolicence. The well is targeting the equivalent Santonian turbidite sandstonesencountered in the Mahogany-1 discovery well located some 5.3km to the northeastof Hyedua-1 on the adjacent West Cape Three Points licence. It is being drilledby the "Belford Dolphin" deepwater drillship in water depths of 1,530m and hasbeen drilled to a total depth of 4,002m. The well has encountered a gross reservoir interval of 202m, containing 108m ofhigh quality stacked reservoir sandstones, and net hydrocarbon-bearing pay of41m. In addition, the results of logging and pressure testing indicate thestrong likelihood that the reservoir sands are in communication with theMahogany discovery, indicating combined hydrocarbon columns in excess of 361mwithin a continuous accumulation which extends across the Deepwater Tano andWest Cape Three Points licences. The well will now be sidetracked, prior tocasing, to acquire core data over the reservoir interval and suspended forpotential use as a development well. Planning is already under way to rapidly appraise the accumulation. Suitablevessels have been identified to carry out a 910 sq km high-resolution 3D seismicsurvey, covering the combined feature on both the Deepwater Tano and West CapeThree Points blocks, and a programme of up to three additional appraisal wellsin late 2007. Tullow's partners in the Deepwater Tano licence are Kosmos Energy and asubsidiary of Anadarko Petroleum Corporation, (18% each), Sabre Oil & Gas(4.05%) and the Ghana National Petroleum Corporation (GNPC) (10% carriedinterest). Commenting today, Aidan Heavey, Chief Executive of Tullow said: "The discovery of oil in Hyedua-1, and the confirmation of its communicationwith the recent Mahogany discovery, represents a major step forward for theRepublic of Ghana and for Tullow and its partners. It significantly enhances ourunderstanding of the resource, enables us to focus and accelerate our appraisalprogramme, and is highly encouraging for our plans to establish commercialproduction in Ghana. " 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 Kate DelahuntyChris 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 over 120exploration 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. In Africa, Tullow has exploration and production in Gabon, Cote d'Ivoire, Congo(Brazzaville), Mauritania and Equatorial Guinea and a large gas fielddevelopment and appraisal programme in Namibia. Tullow also has explorationprogrammes in Mauritania, Senegal, Cameroon, Uganda, Congo (DRC), Tanzania,Madagascar, Angola and Ghana. In Ghana, in addition to the two deepwaterlicences, Tullow also holds a 31.5% interest, as Operator, in another separatelicence, Shallow Water Tano, which is not the subject of this release but wherea well is due to be spudded within the next few weeks. 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, Suriname and the Falkland Islands. 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:
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