18th Jun 2007 07:01
Tullow Oil PLC18 June 2007 News release Tullow Oil plc - Significant oil discovery offshore Ghana 18 June 2007 - Tullow Oil plc (Tullow) announces that the high impact Mahogany-1exploration well drilled on the West Cape Three Points licence offshore theRepublic of Ghana has discovered a significant light oil accumulation based onthe results of drilling, wireline logs and samples of reservoir fluid. The well, which is drilling in water depths of 1,320m, has been drilled to adepth of 3,683m and has to date, encountered a gross hydrocarbon column of 270mwith 95m of net stacked pay. It is planned to drill to a total depth ofapproximately 4,200m to test further prospective horizons. Upon reaching thetarget depth, the well will be suspended pending further evaluation andadditional appraisal drilling will be required. The Mahogany-1 well will betested at a later date as part of the appraisal programme. The Mahogany discovery, a Santonian turbidite stratigraphic trap, opens a newplay fairway in the Tano Basin. The structure straddles both the West Cape ThreePoints and Deepwater Tano licences in which Tullow has interests of 22.9% and49.95% respectively. Tullow is also the operator of the Deepwater Tano licence. The Mahogany-1 well was drilled using the "Belford Dolphin" - a dynamicallypositioned fifth-generation deepwater drillship. This is the first explorationwell to be drilled under the West Cape Three Points seven-year explorationagreement and follows a 1,076 sq km 3D seismic survey on the block in 2005. Commenting today, Aidan Heavey, Chief Executive of Tullow said: "The discovery of oil in the Mahogany well represents a major event for theRepublic of Ghana and for Tullow. Based on evidence to date, ultimate reservesare likely to be materially in excess of previous estimates, with somehigh-potential zones still to be drilled. We look forward to working with ourpartners to realise the full potential of Mahogany and our additional prospectsin the region" Conference CallAidan Heavey (CEO) will host a conference call at 9.30 a.m. today. Pleasedial-in 10 minutes before the start time. A replay facility will be availablefrom 1pm. The details for accessing the live call and the replay are asfollows: Live Event Replay Facility available from 1 pm UK Participants 020 7806 1950 UK Participants 020 7365 1827 Irish Participants 01 655 8885 Irish Participants 01 659 8321 Other Participants +44 20 7806 1950 Other Participants +44 20 7365 1827 Access Code 2405197# 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 HickeyChris 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 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:
Tullow Oil