5th Jul 2006 07:01
Tullow Oil PLC05 July 2006 News Release Tullow Oil plc Trading Statement and Operational Update 5 July 2006 - Tullow Oil plc (Tullow) issues this Trading Statement in respectof the first half of the 2006 financial year to 30 June 2006 and thisOperational Update in respect of Production, Development and Explorationactivities during the period April to July 2006. The Trading Statement is in advance of the Group's Interim Results, which arescheduled for release on Wednesday, 6 September 2006. The information containedherein has not been audited and is subject to further review. HIGHLIGHTS Trading for the first half of 2006 was at record levels, with a strongproduction performance combining with a reduced oil price discount andcontinuing favourable oil and gas pricing. Production and Development • In the first half of 2006 the Group drilled 18 development wells increasing average Group working interest production to 63,200 boepd, 8% higher than 2005 levels; • Current working interest production potential is approximately 72,000 boepd. This includes 9,000 boepd from Horne & Wren, which is shut in for the summer months to take advantage of the seasonal price differential; • Further strong growth in production is expected in the second half of the year through the ongoing development programmes on the Schooner and Ketch fields (UK), the Okume Complex (Equatorial Guinea), West Espoir (Cote d'Ivoire), Bangora (Bangladesh) and Chachar (Pakistan); • Working interest production in 2006 is expected to average approximately 66,000 boepd and exceed 75,000 boepd by year-end. Exploration and New Ventures • In the first half of 2006 the Group drilled 11 exploration wells of which six discovered hydrocarbons; • The prospectivity of the Albertine Basin in Uganda has been significantly enhanced by the Mputa and Waraga discoveries and excellent results to date from the Waraga well test. Further exploration and appraisal work, including the Kingfisher well, is planned for the next 12 months; • Three successful exploration wells in the UK Southern North Sea including the potentially significant K4 discovery in the CMS Area; • An active new ventures programme with further near-term West African additions anticipated. Commenting today, Aidan Heavey, Chief Executive of Tullow said: "Tullow's business is performing strongly and our major appraisal anddevelopment programmes, in each core area, are progressing to plan. The recentexploration and well testing results in Uganda indicate significant potential inthis virtually unexplored basin and provide a lot of encouragement for theforward programme in the region. Overall, the outlook for the remainder of 2006is very promising." Conference CallsIn conjunction with this announcement Tullow is conducting two conference calls.Details are available at the end of the release. Trading Statement This trading statement is provided for the six months ended 30 June 2006 inadvance of the Group's 2006 Interim Results, which are scheduled for release on6 September 2006. The information contained herein has not been audited and issubject to further review. Tullow had a strong first half of 2006. Trading and production was at recordlevels, combined with a reduced oil price discount and continuing favourable oiland gas pricing. Production Group working interest production for the first half of 2006 averaged 63,200boepd, which is 8% greater than the 2005 average production level. A further breakdown of these figures is provided in the Operational Update foreach core area. Production figures remain subject to final reconciliation and donot equate to sales volumes. This is due to variations in lifting schedules andbecause a portion of the production is delivered to host governments under theterms of Production Sharing Contracts. Working interest production for 2006 is expected to average approximately 66,000boepd, with year end production expected to exceed 75,000 boepd. Realised prices and oil discount Average prices realised during the first half of 2006 were significantly higherthan those for 2005. Realised oil price was approximately US$63/bbl (pre hedges)and US$55/bbl (post hedges) and realised UK gas price was approximately 52-53p/therm. During the first half of 2006 the Group's oil production sold at an averagediscount of 4 to 5% in relation to dated Brent and this level of discount isexpected to continue for the remainder of the year. The discount has narrowedfrom a 2005 average of 13% due to improved market conditions and bettermarketing arrangements, combined with the sale of the Alba field in 2005. Albacrude traded at a significant discount to Brent. Overlift position At 30 June 2006, Tullow was in a net overlift position amounting to an estimated360,000 barrels. Such overlift positions are valued at market value andaccordingly a charge of approximately £10.1 million will be made to Cost ofSales. Exploration Write-Off Tullow's accounting policy is to write-off in full, to the Income Statement, allcosts relating to pre-licence costs and unsuccessful exploration activitiesduring the period. Based on current estimates, Tullow's exploration write-offfor the first half of 2006 is expected to be of the order of £18 million subjectto any further technical work. This write-off is principally associated withunsuccessful exploration activities in Gabon, Pakistan and Angola and newventures activity during the period. Capital Expenditure During the first half of 2006 Tullow invested a total of £151 million indevelopment and exploration activities. Planned capital investment during 2006 is of the order of £310 to £320 million,of which approximately 75% will be spent on ongoing development and productionenhancement activities in the UK, Gabon, Congo (Brazzaville), Cote d'Ivoire,Equatorial Guinea, Pakistan and Bangladesh, with the balance focused onexploration activities. Net Debt Net Debt at 30 June 2006 was £78.8 million, inclusive of all cash balances. Hedging reflected in Income Statement (IAS 39) At 30 June 2006 the Group's derivative instruments had a negative mark to marketof approximately £144.0 million, of which a large portion relates to contractsacquired as part of the acquisition of Energy Africa in May 2004. While all of the Group's derivative instruments currently qualify for hedgeaccounting, a charge of approximately £11.0 million (£8.0 million aftertaxation) will be recognised in the income statement for the first half of 2006.A substantial portion of this charge relates to unrealised changes in the timevalue of the hedges due to the impact of rising oil prices on the fair value ofthe hedge instruments, most notably collars. The ineffectiveness portion of thecharge arises from factors inherent in the hedges, including crude oil discountsrelative to Brent, timing of oil liftings and field performance. Hedging Summary At 23 June 2006 the Group's hedge position to the end of 2007 is as follows: H2 2006 H1 2007 H2 2007 Oil Hedges** Volume - bopd 11,717 9,000 9,000 Average Price* - $/bbl 45.2 52.4 52.2Gas Hedges H2 2006 H1 2007 H2 2007 Volume - mmscfd 60.0 28.8 13.8 Average Price* - p/therm 45.4 66.7 50.6 * Average hedge prices are based on market prices as at 23 June 2006 andrepresent the current value of hedged volumes ** The oil hedges include 4,000 bopd at an average price of $29.2/bbl acquiredas part of the Energy Africa transaction. Operational Update This Operational Update summarises recent key activities in the Exploration (E),Appraisal (A), Development (D) and Production (P) assets of Tullow Oil plc. 1) NW EUROPE CORE AREA UK In the UK North Sea, Tullow's principal interests are in the Southern Gas Basin.During the first half of 2006 Tullow continued its high level of activity in theregion, participating in three new exploration discoveries and drilling twosuccessful development wells. The commercial environment for producers within the UK Gas market remainsextremely positive with very attractive winter gas pricing and seasonal pricedifferentials at record levels. Tullow seeks to manage its production andcommercial activities to facilitate delivery of gas into the UK market duringperiods of maximum winter demand. Working interest production(1) H1 2006 Average (boepd) Current Production (boepd) Thames-Hewett Area 12,400 7,000(2)CMS Area 16,000 19,000UK Total 28,400 26,000 (1) Includes condensate (2) Note that 9,000 boepd of production from Horne & Wren is shut in for thesummer months Schooner (P/D) (Tullow 90.35%) and Ketch (P/D) (Tullow 100%) Production from the first well of the redevelopment programme, Schooner-10,commenced on 16 May at a rate of 22 mmscfd. As part of the productionoptimisation programme, Schooner-8 was also returned to production and iscurrently producing approximately 6 mmscfd. Field uptime has been maintained atover 98% and the production capability of the fields is now approximately 65mmscfd. The Ensco-101 rig has now moved to the Ketch field to drill three developmentwells and to carry out a concurrent campaign of stimulation and remedial work onthe existing production wells. The first well, Ketch-7, is currently drillingand is expected to be completed in September. A second rig, the Borgsten Dolphin, is currently drilling the NW SchoonerExtension appraisal well which is expected to complete in September. This 100bcfopportunity has been brought forward to minimise weather downtime by drillingduring the summer months and, if successful, will be brought on production priorto the winter 2007/08 period. Horne & Wren (P) (Tullow 50%) In May, with winter/summer gas price differentials reaching unprecedentedlevels, the decision was taken to shut in the Horne & Wren fields during thesummer months of 2006 and 2007 to maximise production over the next two winterperiods. While having the overall effect of reducing Tullow's annualised UK gasproduction by approximately 3,000 boepd, this strategy adds significant valueand contributes additional gas to the UK market during periods of peak winterdemand. Delilah (P/D) (Tullow 51.68%*) The Delilah 48/30-16 subsea well, which failed in mid-2003, was horizontallysidetracked and put on stream in March 2006. The well is currently producing at25 mmscfd and is expected to add over 10 bscf of incremental reserves to thefield. * This includes a 12.87% equity interest which Tullow has contracted to purchasefrom Centrica. This transaction is expected to complete in July. Kelvin (D) (Tullow 25%) The Kelvin field, discovered in 2005 with the K3 well, is expected to bedeveloped using a minimum-facilities platform with a pipeline to the central CMShub at Murdoch. The target for first gas is December 2007. It is anticipatedthat the Kelvin facilities will also act as a hub for the development of anyfuture discoveries in the region, including the recent K4 discovery. UK Exploration Over the last five years, Tullow has drilled seven consecutive successfulexploration wells in the CMS area including three in 2006. Humphrey (E) (Tullow 35%) The Humphrey exploration well discovered gas in early 2006. A decision oncommerciality is planned for the third quarter of this year following technicaland economic evaluations. Cygnus (E) (Tullow 35%) The Cygnus exploration well in block 44/12-2 discovered gas in several reservoirzones and was suspended in May following a successful well test of the principaltarget. The results are currently being evaluated to determine the commercialityof the discovery. K4 (E) (Tullow 22.5%) The K4 exploration well, 44/23b-13, discovered gas bearing reservoir sands inthe targeted Lower Ketch carboniferous interval and significant upside potentialhas been identified. Information from the well will now be integrated withexisting data to determine the full extent of the accumulation and futuredevelopment is likely via the planned Kelvin facilities, which are only fivekilometres away. Any development is expected to include a further appraisalwell to fully assess the ultimate reserve potential of the discovery. The K4 and Kelvin discoveries provide significant encouragement for furtherexploration on adjacent prospects, with both the Cameron and Harrison prospectsidentified for drilling over the next 12 months. 2) AFRICA CORE AREA In Africa, Tullow has production and development interests in Gabon, Coted'Ivoire, Congo (Brazzaville), Equatorial Guinea and Namibia. Tullow also hasexploration interests in Morocco, Mauritania, Senegal, Cameroon, Uganda,Equatorial Guinea, Angola and Cote d'Ivoire. In the first half of 2006 Tullowcontinued its development and drilling activities on its producing assets,whilst maintaining an active exploration and new ventures programme throughoutthe region with a number of West African opportunities identified. Thesuccessful production and development operations in the Group's African assetscontinue to contribute to strong production growth. Tullow's production inAfrica is expected to exceed 40,000 boepd in 2007. Working interest production H1 2006 Average (boepd) Current Production (boepd)Congo (Brazzaville) 6,200 5,700Cote d'Ivoire 6,200 6,700Equatorial Guinea 5,200 5,900Gabon Tchatamba 7,000 7,000 Niungo 5,400 5,400 Other Gabon 3,800 3,800Africa Total 33,800 34,500 Republic of Congo (Brazzaville) M'Boundi Field (P/D) (Tullow 11%) The development and infill drilling programme on the M'Boundi Field is ongoingwith 11 wells drilled so far this year. These wells included a number ofimportant delineation wells, which have defined the Northern and Southern limitsof the field, thereby better defining the oil initially in place range for thefield. Seven of the wells drilled have been completed and are now contributingto the field production, which exceeded 60,000 bopd during the first quarter of2006. The average gross field production is now 52,000 bopd, with 45 wellscurrently on stream. Four rigs and a workover rig are currently in operationwithin the field. The drilling of water injection wells is now under way andthe workover rig is preparing to commence the drilling of the water producingand salt leaching wells. It is anticipated that after the initial results of thewater injection project are assessed, the decision will be made to expand waterinjection to the full field, thereby optimising the field recovery factor. Theblending and export of M'Boundi crude with the higher quality N'Kossa blendcommenced in January thus significantly improving per barrel realisations. Equatorial Guinea Ceiba Field (P/D) (Tullow 14.25%) The infill drilling programme that commenced in 2005 has continued. So far thisyear one production well and one water injector have been drilled and four tophole sections have been batch drilled - three producers and one injector. Theprogramme is expected to result in a gross average field production of around40,000 bopd for 2006. Okume Complex Development (D) (Tullow 14.25%) The Okume Complex comprises the Okume, Oveng, Ebano and Elon fields. Two TensionLeg Platforms (TLPs), constructed in Korea, were installed on the deepwaterfields Okume, Ebano and Oveng in April and four jackets and two topsides wereinstalled on the Elon field. All of the Phase I work was completed during April,ahead of schedule. The next installation phase comprising pipelines, tie backsand central processing facilities will occur in September. The developmentremains on budget and on schedule for first oil by the end of 2006. Initialproduction is expected to reach 30,000 boepd in early 2007 building to a plateauof 60,000 boepd by the end of 2007. Oil will be blended with Ceiba productionand exported via the Ceiba FPSO, leading to greater operating and productionefficiency. Cote d'Ivoire East Espoir Field (P/D) (Tullow 21.3%) Following the EP-7 and EP-8 infill production wells, which were put onproduction in late 2005, the final two wells in the East Espoir infillprogramme, EP-9 and EP-10, were completed in early 2006. These wells haveproduced above expectations, increasing the average field production to inexcess of 32,000 boepd, the highest level recorded since production commenced in2002. West Espoir Development (D) (Tullow 21.3%) Progress on the West Espoir development project is well advanced and the firstof three production wells was spudded in late May. The well has intersected thereservoir sands including an additional upper reservoir sand that will also becompleted for production. First oil is scheduled for August 2006 with furtherdrilling enabling production to build to 10,000 boepd during 2007. Gabon Avouma (D) (Tullow 7.5%) The Avouma development in the Etame block, adjacent to the producing Etamefield, is progressing well. Development drilling is expected to commence inthe third quarter of 2006 with first oil production scheduled for the end of theyear. In addition, an application for a development licence for the Ebouridiscovery in the same block was lodged in June. Tullow has a 7.5% back-in optionon both of these fields. Niungo (P/D) (Tullow 40%) Following the evaluation of the exploration, appraisal and development wellsdrilled in 2005, a new programme of eight wells is scheduled to commence inSeptember. The initial aim is to drill several development wells to increaseproduction to the facilities limit (circa 15,000 bopd), followed by a number ofappraisal wells to assess possible Northern and Southern extensions of thefield. As in 2005, further wells may be added in the event of positive results. As part of this programme up to two exploration wells are also planned forearly 2007 on the adjacent Nziembou licence. The prospects in this block lie ontrend with the Niungo field. Tchatamba (P/D) (Tullow 25%) Tchatamba production has been maintained at a gross rate of 28,000 boepd withvery low down time since the beginning of the year. Plans are in place for aworkover programme in the third quarter to maintain production at these levels. Gabon Exploration (E) During the first half of 2006, Tullow participated in three offshore explorationwells, none of which discovered commercial quantities of hydrocarbon. A furthertwo Tullow-operated offshore wells are planned for 2007, most likely in theKiarsseny and Azobe licences and a jack-up rig has been contracted for thisprogramme. The Azobe licence, in which Tullow previously held a 35% non-operated interest,has been renewed for up to six years, with Tullow as operator and holding a 60%interest. The block is situated close to the Cap Lopez export terminal, whichmay facilitate a fast-track development of an undeveloped oil discovery. Namibia Kudu (D/A) (Tullow 90%) Good progress has been made in relation to both the first phase ofcommercialisation of the Kudu gas field via a gas-to-power generation projectand the appraisal of the significant upside potential of this project inoffshore Namibia. The Gas Sales Agreement negotiations have continued in parallel with the PowerPurchase Agreement negotiations between Nampower and Eskom. Invitations to bidfor the various construction activities are expected to be issued during 2006. Plans for the two well appraisal programme are progressing well and drilling isscheduled to commence in early 2007. In parallel with the ongoing planning for the development of Kudu, the regionalenergy market in southern Africa continues to exhibit strong growth. In Namibia,this has required the development of a range of contingency measures to ensureongoing adequacy and security of power supplies. Successful development of PhaseI of Kudu has the potential to make a very important contribution to Namibia'spower needs and Tullow places a high priority on achieving project sanction atthe earliest opportunity. Uganda Basin-wide exploration campaign (Tullow 50%) Tullow has the leading acreage position throughout the Albertine Basin,comprising over 12,000 square kilometres across three licences. With this strong position, Tullow is able to gain a considerable overview of theregion. The Group works closely with the operators to optimise the basin-wideexploration campaign, ensuring that a systematic programme addresses theextensive portfolio of plays, leads and prospects already identified. Althoughbasic commerciality of the Waraga discovery has been demonstrated by the ongoingwell test, Tullow's principal objective remains to determine and understand thepotential for material commerciality basin-wide. Block 2 - Exploration wells and production testing (E) (Tullow 50%) Since January 2006 Tullow has made significant progress in proving up asubstantial new hydrocarbon province in the Albertine Basin in Uganda with threeoil discoveries and a very encouraging well test completed to date. Following the Mputa-1 discovery in January and the Waraga-1 discovery in March,the Mputa-2 well, a 3km step-out, was drilled in May. Data acquired from thewell indicates that the Mputa-1 reservoir sands may be laterally continuous andthat in addition to the structural traps encountered in the previous wells,there is also a working stratigraphic play in the area. The Mputa-2 well wascased and suspended on 31 May 2006. Production testing from the first of three separate reservoir zones of theWaraga-1 discovery well commenced on 22 June 2006 and all three zones have nowbeen tested. The aim of the tests was to assess the formation productivity andto acquire good quality fluid samples. The key results from the ongoing testswere as follows: Well Test Perforation Main flow rate Max flow rate and choke Oil Quality Interval (m) and choke size size (degrees API) #1 1,888 - 1,894 1,500 stb/d (36/64") 4,200 stb/d (1") 33.8 #2 1,782 - 1,794 2,400.stb/d (36/64") 4,200 stb/d (1") 33.8 #3 1,680 - 1,710 2,115 stb/d (36/64") Not Complete 18.5 The results show that all three reservoirs penetrated by the Waraga-1 well areof excellent quality with multi-Darcy permeability. The crude from the upperzone (#3) was approximately 19 degrees API, likely indicative of limitedbio-degradation expected at these shallower depths. Significantly, the crudequality from the two lower zones (#2 and #1) is good quality light but waxy oil(33-34 degree API) with a low gas to oil ratio. This is very encouraging from acommerciality perspective. Block 2 - Gravity and Seismic Survey (E) (Tullow 50%) An onshore gravity survey to the north of Block 2 was completed in June 2006.The survey indicates several gravity highs of exploration potential similar toMputa and Waraga. The results are being used to define the 2D seismic surveyplanned for later in the year. The option of acquiring 3D seismic data over theMputa and Waraga areas is currently being considered to better define theoil-bearing reservoir distributions and further prospects. Block 3A - Kingfisher Exploration Well (E) (Tullow 50%) The higher-risk wildcat exploration well to test the large Kingfisher structureis planned for early August using the Dafora F-200 rig which will start to movefrom the M'Puta-Waraga area by barge this week. The wildcat will target a largefault-closed and north-westerly dipping structure. The well will calibrate thestratigraphy in this unexplored part of the basin. As such, it may not havewell-developed reservoir-seal configurations and the seismic definition of thebasement is unclear, so exploratory sidetracking is therefore a possibility. Theprojected total depth of the well is up to 4,000m and it is expected to takeapproximately two months to drill. The forward programme in Block 3A is contingent on the results of the Kingfisherwildcat, however a number of prospects in the Block have been identified. Forward programme for Uganda Following the very encouraging results from the Waraga-1 well, the plan forfuture drilling and seismic surveys in the area will be reviewed with ourpartners with a view to accelerating the exploration and appraisal programme forthe Albertine Basin. This campaign is likely to run into 2008 and possiblybeyond, and will address a mix of technical success factors, geological plays,high-risk wildcats (e.g. Kingfisher-1), lower-risk play-extenders (e.g.Waraga-1) and appraisal of discoveries (e.g. MPuta-2). The campaign will also methodically build on historic reconnaissance gravitysurveys and 2D seismic surveys, by following through with higher resolutionseismic acquisition and higher quality seismic processing as we focus on themost prospective targets. The exploration and appraisal campaign will inevitably record a mix of positiveand negative data as we further extend the boundaries of our knowledge of theAlbertine Basin. Overall however, the indications thus far remain very positive. Cameroon Ngosso Permit (E) (Tullow 40%) In February Tullow completed a 410 square kilometre 3D seismic survey over theNgosso permit. This block contains three existing unappraised oil discoveries,Narendi, Odiong and Oongue and numerous exploration opportunities. The surveydata will provide information for selecting locations for a two well programmelikely to be undertaken during 2007. New Ventures Tullow maintains an active new ventures programme in Africa and during theperiod announced its first entry into Madagascar, with a 50% operated interestin Block 3109, situated onshore in the Morondava Basin. Work on this block isdue to commence in August 2006 with a 6,700 line kilometre aero-gravity andmagnetic survey; this will help to identify prospective areas for focusedseismic acquisition in 2007. The group is also negotiating the award of a number of new development andexploration licences in West Africa and further announcements will be made indue course. 3) SOUTH ASIA CORE AREA In South Asia, Tullow has exploration, development and production interests inPakistan, Bangladesh and India. Activities in the region have increasedsignificantly in 2006 with extensive seismic programmes in Pakistan and Indiaand recent development activities on Bangora (Bangladesh) culminating in firstproduction from the field and the successful drilling of the first appraisalwell on the structure. All of these exploration and development ventures havethe potential to materially enhance reserves and revenue from the region. Working interest production H1 2006 Average (boepd) Current Production (boepd)Pakistan 200 200Bangladesh 800 2,500South Asia Total 1,000 2,700 Bangladesh Block 9, Bangora-1 (A) (Tullow 30%) The Bangora/Lalmai appraisal programme, approved in early 2005, is now wellunder way. Production from the Bangora-1 well commenced on 9 May and the wellis flowing at a stabilised rate of 50 mmscfd. An extensive 3D seismic surveywas completed in February. All data have been processed and initialinterpretation has resulted in selection of four appraisal well locations. Thefirst appraisal well (Bangora-2), a two kilometre step-out from Bangora-1, wasspudded on 22 April and reached the total depth on 14 June. The well encounteredgood quality gas bearing reservoirs and has demonstrated sand continuity to thesouth of the discovery well. The well has been successfully completed over themain reservoir units and is likely to be tied in to the Bangora productionfacilities in the third quarter 2006. The drilling rig will now move to drillthe Bangora-3 well, a seven kilometre step-out to the south, that has thepotential to add materially to the reserves associated with the Bangora-Lalmaistructure. The plan is to continue the long-term test and appraisal programmewith the ultimate aim of achieving a declaration of commerciality during 2006. Blocks 17&18 (E) (Tullow 32%) A 2D marine seismic survey on Blocks 17&18 was completed in April 2006 and thedata are currently being processed. Tullow has signed a farmout agreement withTotal and an assignment of interest application has been submitted to theGovernment of Bangladesh. An application for an extension is also pending withthe Government. This extension would allow time to carry out an extensiveseismic survey and drilling programme on the blocks. Pakistan Chachar (D) (Tullow 75%) The development project on Chachar is well advanced. The first of twodevelopment wells was spudded on 21 May and having encountered the reservoirsands has been suspended as planned. The second well was spudded on 15 June andis scheduled to reach its target depth in July. A contract has been awarded forengineering, procurement and construction of field facilities and production isscheduled to commence in the fourth quarter 2006. Kohat (E) (Tullow 40%) A 2D seismic survey was completed on 18 April and a total of 311 kilometre ofdata have been acquired. Data processing is ongoing and prospects have alreadybeen identified. Tullow plans to commence drilling the first well on this highlyprospective block in the second quarter 2007. Nawabshah (E) (Tullow 30%) The Shahpur Chakar-1 exploration well, in the Nawabshah Block in Pakistan, wasspudded on 21 February and reached a total depth of 3,385m. Although the wellencountered shows during drilling, all viable reservoirs proved to be water wet. India Block CB-ON/1 (E) (Tullow 50%) The 600 kilometre seismic survey, which commenced in December 2005, iscontinuing and has been extended to 1,500 kilometre to more precisely delineatea number of drilling leads at both the Tertiary and deeper geological intervals. Data processing has commenced and it is anticipated that a multi-well drillingon this high potential block will commence in the first quarter 2007. ENDS FOR FURTHER INFORMATION CONTACT: Tullow Oil plc Citigate Dewe Rogerson Murray Consultants(+44 20 8996 1000) (+44 207 638 9571) (+353 1 498 0300)Aidan Heavey Martin Jackson Joe MurrayTom Hickey Chris Perry CONFERENCE CALLS Conference calls hosted by Aidan Heavey (Chief Executive), Paul McDade (ChiefOperating Officer), Angus McCoss (General Manager Exploration) and Tom Hickey(Chief Financial Officer) will be held today at 09:30 (BST) and 15:00 (BST): 09:30 UK/European Conference Call For UK and international participants please call +44(0)20 7138 0827 and requestto be connected to the Tullow Oil teleconference. For participants in Ireland, please call +353(0)1 655 0485 A replay facility will be available from one hour after the conference call forseven days. Please call +44(0)20 7806 1970, access code: 7496757#. 15:00 US Conference Call Please call +1 913 981 5510 and request to be connected to the Tullow Oilteleconference. A replay facility will be available from one hour after the conference call forseven days. Please call +1 719 457 0820, access code: 5141506. Disclaimer This announcement contains certain operational and financial information inrelation to 2006, which is subject to final review and has not been audited.Furthermore it contains certain forward-looking statements that are subject tothe usual risk factors and uncertainties associated with the oil & gasexploration and production business. Whilst the Group believes the expectationsreflected herein to be reasonable, the actual outcome may be materiallydifferent owing to factors either within or beyond the Group's control, andaccordingly no reliance may be placed on the figures contained in such forwardlooking statements. 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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