1st Apr 2005 07:00
Tullow Oil PLC01 April 2005 Tullow Oil plc 1st April 2005 Tullow Completes Schooner and Ketch Transaction Tullow Oil, the independent international oil and gas exploration and productioncompany, is pleased to announce the completion of the acquisition, from ShellU.K. Limited and Esso Exploration and Production UK Limited, of their entireproducing interests in the Schooner and Ketch gas fields and associated acreage.Tullow has also now assumed operatorship of both fields. This transaction wasfirst announced on 20 December 2004. The total consideration for the transaction is £200 million, inclusive ofcapital allowances, which has been financed through a combination of bank debtand internal resources. The revenues and activities of Schooner and Ketch willbe recognised in Tullow's accounts with effect from 1 April 2005. The producing interests acquired comprise a 90.35% interest in the Schoonerfield and a 100% interest in the Ketch field. The fields have been inproduction since 1996 and 1999 respectively, with gas transported to theTheddlethorpe terminal via the Caister-Murdoch System ("CMS") infrastructure inwhich Tullow has a 17% interest. In addition to the producing assets, Tullow hasalso acquired minority interests in the Topaz, Marjan, and 44/27-1 discoveries. An update outlining Tullow's anticipated work programme for these assets will beprovided as part of the Group's annual results presentation on 12 April 2005. Aidan Heavey, Tullow's Chief Executive commented: "We are delighted to have completed the Schooner and Ketch acquisition,enhancing our already significant acreage position in this part of the SouthernNorth Sea. We look forward to taking control of the assets and commencing a workprogramme designed to materially increase production and reserve recovery overthe coming years." For further information contact: Tullow Oil plc Citigate Dewe Rogerson Murray Consultants(+44 20 7333 6800) (+44 207 638 9571) (+353 1 498 0300)Paul Mc Dade Martin Jackson Joe MurrayTom Hickey Notes for Editors "Tullow" where referred to in this release means Tullow Oil plc and/or itssubsidiaries, as appropriate. Tullow Oil plc is one of the leading Independent International Oil & GasExploration and Production companies in Europe. Tullow is quoted on the Londonand Irish stock exchanges (symbol TLW) and is a member of the FTSE 250 Index. Production and Development Assets Tullow has interests in over ninety exploration and production licences spreadover three core areas: NW Europe, West Africa and South Asia. In 2004 Tullowcompleted the acquisition of Energy Africa, bringing the number of countries inwhich Tullow is active to sixteen. In the UK North Sea, Tullow's principal interests are in the CMS and the Thames/Hewett group of licences and the Bacton onshore gas-processing terminal on theNorfolk coast. Tullow's CMS interests currently include Murdoch (34%), Boulton (9.5%) and CMS III (14.1%), all of which produce via the CMS infrastructure to the Conocooperated Theddlethorpe terminal. Tullow currently receives a tariff fromSchooner and Ketch via its 17% CMS interest for transportation and processing. In Africa, Tullow has production in Gabon, Cote d'Ivoire, Congo (Brazzaville)and Equatorial Guinea. Tullow also has exploration programmes in Morocco,Mauritania, Senegal, Cameroon, Uganda and Egypt. In South Asia, Tullow has production and exploration interests in Pakistan andexploration activities in India and Bangladesh, where a three well drillingprogramme was completed in Block 9 in 2004. For further information see www.tullowoil.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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