3rd Apr 2008 07:01
Tullow Oil PLC03 April 2008 News release Sale of 10 CMS Area blocks to Venture Production plc 3 April 2008 - Tullow Oil plc (Tullow) announces that it has agreed the sale ofits interests in 10 CMS Area blocks to Venture Production plc for a total cashconsideration of £35 million. Most of the blocks lie in the western CMS Area andinclude six undeveloped discoveries and two pure exploration blocks. Any futuredevelopments on these 10 blocks are likely to pass through the CMSinfrastructure thereby generating additional tariff income for Tullow. The sale is part of an ongoing process of portfolio management which will enablethe Group to allocate capital to more material exploration, appraisal anddevelopment projects within its global portfolio. Tullow remains committed tothe Southern Gas Basin and will continue to invest in the CMS Area, in bothproducing fields and new developments such as K4 and Harrison. Tullow is alsoextending its exploration efforts to focus on the more material Carboniferousprospectivity identified in the adjacent Dutch sector, using the expertisedeveloped in the CMS area. The deal, which is subject to partner approvals, is expected to complete by theend of May 2008. Blocks Discovery Equity 44/11a & 44/12a Cygnus 35% 44/16a Humphrey 35% 43/25a Opal 30% 44/27a Garnet 31.66% 44/16c Kepler 35% 44/16b Copernicus 35% 44/21e Exploration 100% (op) 48/3a & 48/4 Exploration 25% (op) For further information contact:Tullow Oil plc Citigate Dewe Rogerson Murray Consultants(+44 20 8996 1000) (+44 20 7638 9571) (+353 1 498 0300)Tom Hickey Martin Jackson Joe MurrayChris Perry George Cazenove 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 22 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 production in Gabon, Cote d'Ivoire, Mauritania andEquatorial Guinea and two large appraisal and development programmes in Ghanaand Uganda. The Company also has exploration interests in Mauritania, Gabon,Cote d'Ivoire, 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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