23rd Jan 2008 07:01
Tullow Oil PLC23 January 2008 Tullow Oil plc - Trading Statement and Operational Update 23 January 2008 - Tullow Oil plc ("Tullow") issues this Trading Statement inrespect of its financial year to 31 December 2007 and this Operational Update inrespect of recent Production, Development and Exploration activities. The Trading Statement is in advance of the Group's Full Year Results, which arescheduled for release on Wednesday, 12 March 2008. The information containedherein has not been audited and is subject to further review. HIGHLIGHTS Exploration • In 2007 the Group drilled 16 exploration wells, nine of which discovered hydrocarbons. • World-class Jubilee field (formerly known as Mahogany and Hyedua) discovered offshore Ghana in 2007. Accelerated appraisal of 1.3 billion barrel potential has commenced. • Ghana Exploration/Appraisal Campaign - two rigs contracted to drill up to seven wells, the first exploration well, Odum, commenced on 22 January. • Uganda - Ngassa well now expected to reach target depth in late March following operational and logistical delays. • Uganda - Butiaba multi-well programme to commence in March on the Taitai prospect. Production and Development • Working interest production averaged 73,100 boepd for 2007, 13% higher than for the same period in 2006. • Jubilee field development studies under way to ensure earliest first production. • Significant progress made towards sanction of Ugandan EPS targeting first oil in 2009. • Gross production from Equatorial Guinea assets exceeded 100,000 bopd for the first time on 17 January 2008. • Working interest production for the Group is expected to average between 70,000 and 74,000 boepd in 2008. Commenting today, Aidan Heavey, Chief Executive of Tullow said: "During 2007, Tullow experienced a transformational change in its businessdriven by exceptional exploration success and supported by strong oil and gaspricing. Our priority for 2008 is to appraise both the Jubilee field in Ghanaand the Lake Albert Rift Basin in Uganda while also testing the significantexploration potential of our portfolio. Tullow has the potential to growsubstantially over the coming years and I believe we have the team, the assetsand the resources to achieve this." Conference Calls In conjunction with this announcement Tullow has scheduled two conference calls.Details are included at the end of the release. Trading Statement Production Group working interest production for 2007 averaged 73,100 boepd, 13% higherthan the 2006 average. Sales volumes for 2007 averaged 62,600 boepd. A furtherbreakdown of these figures is provided in the Operational Update for each corearea. Production figures remain subject to final reconciliation and do not equate tosales volumes. This is due to variations in lifting schedules and because aportion of the production is delivered to host governments under the terms ofProduction Sharing Contracts. Average working interest production for 2008 is expected to be between 70,000and 74,000 boepd. Realised Prices and Oil Discount Average prices realised during 2007 continued to be strong, particularly foroil. Realised oil price was approximately US$70/bbl (pre hedges) and US$63/bbl(post hedges) and realised UK gas price was approximately 31p/therm (pre hedges)and 38p/therm (post hedges). The Group's oil production sold at an average discount of approximately 3% toBrent during 2007, this level of discount is expected to continue in 2008. The strong realised commodity prices and increased sales volumes is expected togive total revenue for 2007 in excess of £620 million (2006: £579 million). Overlift Position At 31 December 2007, Tullow was in a net overlift position amounting to anestimated 77,000 barrels. Movements in overlift positions are recorded at marketvalue and, combined with stock movements during the period, give rise to acredit of approximately £1 million to Cost of Sales. Chinguetti Impairment Production performance from the Chinguetti field during 2007 was significantlybelow expectations and following a review of reservoir performance, the ultimaterecoverable reserves are expected to be significantly downgraded when theyear-end reserves are released in March. As a result Tullow expects to record animpairment charge to Cost of Sales of approximately £15 million. Exploration Write-Off Tullow's exploration write-off for 2007 is expected to be of the order of £55million. This write-off comprises approximately £40 million associated withunsuccessful exploration activities in the UK, Namibia, Ghana and Gabon, newventures activity and licence relinquishments. The remaining £15 millionwrite-off is in relation to a downgrade of Chinguetti contingent resources as at31 December 2007. In addition to the impairment charge set out above, thisbrings the total charge associated with Chinguetti to approximately £30 million. Capital Expenditure Tullow invested approximately £370 million in development and explorationactivities during 2007. This figure was less than earlier estimates due tocertain work programmes moving into 2008, most notably in Ghana and Uganda.Based on current estimates and programmes, total capital expenditure for 2008 isexpected to amount to approximately £400 million. This investment will be evenlysplit between production & development and exploration & appraisal activities.Tullow's African activities are likely to account for approximately 75% of theanticipated 2008 capital expenditure. Portfolio Management In order to direct investment towards projects with the greatest value potentialand to manage the Group's overall expenditure and funding position, Tullow hasidentified a number of interests which may be considered for disposal orfarmout. During 2007 the Group disposed of its interest in the Ngosso permit inCameroon to MOL; this transaction remains subject to government approval.Further transactions are under active consideration. Net Debt Net debt at 31 December 2007 was £480 million. The increase during the year wasprincipally due to drawdowns under the debt facility to partially fund theHardman acquisition which completed in early January 2007. Derivative Instruments At 31 December 2007 the Group's derivative instruments had a net negative markto market value of approximately £158 million. Hedging - IAS 39 While all of the Group's commodity derivative instruments currently qualify forhedge accounting, a charge of approximately £29 million (£20 million aftertaxation credits) will be recognised in the income statement for 2007.Approximately £22 million of the charge relates to the movement in thenon-intrinsic (or time value) component of both oil and gas hedges. Theunfavourable movement in the non-intrinsic element is largely due to themovements in the oil and gas forward curves since the beginning of the year.Brent forward oil prices and natural gas prices in the UK have risensignificantly and with prices trading close to the instrument strike prices morevalue is conferred to the Group's hedge counterparties. The IAS 39 charge also includes an amount of £6 million principally associatedwith Foreign exchange contracts entered into as part of the completionarrangements for the acquisition of Hardman Resources in January 2007. Commodity Hedging Summary At 16 January 2008 the Group's hedge position to the end of 2010 was as follows: Oil* 2008 2009 2010Volume hedged (bopd) 19,300 11,000 2,000Average price of hedged volumes ($/bbl) 70.2 62.3 83.2 *Oil hedges include a Energy Africa legacy position of 4,000 bopd at $29.30until end 2009 Gas 2008 2009 2010Volume hedged (mmscfd) 74.6 34.4 12.3Average value hedged volumes (p/therm) 49.8 48.2 52.1 Operational Update 1) AFRICA CORE AREA Tullow's African production and development interests are in Gabon, Coted'Ivoire, Congo (Brazzaville), Equatorial Guinea, Mauritania, Namibia, Ugandaand Ghana. Tullow also has exploration interests in Mauritania, Gabon, Senegal,Cameroon, Uganda, Angola, Tanzania, Madagascar, Ghana, Cote d'Ivoire and Congo(DRC). In 2007 Tullow continued to invest in its African producing and developmentassets, with production averaging 40,300 boepd, a 21% increase from 2006. Theexploration programme has delivered significant success with world-classdiscoveries in Uganda and Ghana. Working interest production 2007 Average (boepd) Current Production (boepd) Congo (Brazzaville) 5,100 4,100Cote d'Ivoire 6,300 6,800Equatorial Guinea 11,300 12,600Mauritania 2,800 2,200Gabon Tchatamba 5,200 5,200 Niungo 5,400 5,200 Other Gabon 4,100 4,700Africa Total 40,300 40,800 World-class projects in Ghana and Uganda In 2007 Tullow experienced material exploration success with the discovery of aworld class oil field offshore Ghana, the Jubilee Field (formerly Mahogany andHyedua), and further enhanced its understanding of the potentially billionbarrel Lake Albert Rift Basin in Uganda. Each of these projects has the abilityto more than double Tullow's worldwide reserve base and contribute significantlyto the economies of the host countries. Ghana Tullow's portfolio in Ghana comprises three blocks covering both shallow anddeep water prospects. The deep water acreage consists of the West Cape Three Points (Tullow 22.9%) andDeepwater Tano (Tullow 49.95%) blocks. During 2007 two successful explorationwells were drilled, Mahogany-1 (West Cape Three Points) and Hyedua-1 (DeepwaterTano) The wells have yielded a substantial discovery which straddles theboundary between the two blocks and has been named the Jubilee field. Based on the drilling and technical work undertaken to date, the P90 recoverableresources of the field are estimated at 170 million barrels, which exceeds thecommercial threshold for development. The ultimate upside potential of thediscovery is now estimated to be in excess of 1.3 billion barrels and anaccelerated appraisal programme is under way to establish the size of the fieldand to gather data for development. The first stage of the appraisal programme, which was carried out in late 2007,comprised a new 900 sq km High Resolution 3D/4D survey over the entirestructure. The data from this survey will allow accurate well to seismiccorrelation for reserves definition and for de-risking the explorationpotential. The Jubilee field partners have agreed a programme of up to seven explorationand appraisal wells in 2008 for which two rigs have been contracted. The SongaSaturn drillship started the work programme this week and a second rig, theBlackford Dolphin semi submersible, will arrive in Q2 2008. The first well is an exploration well on the Odum prospect in the West CapeThree Points block. This well spudded on 22 January and is targeting astratigraphically trapped channel system to the east of the Jubilee field. Oncompletion of this well the rig will move to drill the first appraisal well,Mahogany-2. The overall programme for these rigs will include a combination ofappraisal wells on the Jubilee field and exploration wells on prospects thatJubilee has de-risked. In parallel with the appraisal programme, development and operatorship optionsare being evaluated with our partners and the government. Screening studiesindicate that the full field development scheme is likely to involve a largeFPSO with subsea wells. However all options are currently being screened andalternatives that have the potential to fast track first production are alsobeing considered. In addition to the deep water programme, an appraisal well was drilled on theNorth Tano oil/gas discovery in the Shallow Water Tano licence in September.Unfortunately this well did not find a reservoir sufficiently well developed towarrant testing and it was plugged and abandoned. Uganda Tullow continues to experience material success in the Lake Albert Rift Basinand in 2007 invested over $100 million in exploration and appraisal activities.The understanding and confidence generated by our success to date has led to aplan to invest over $200 million in the basin in 2008. This programme willinclude onshore and offshore drilling, seismic surveys and the anticipatedsanction of an Early Production System. Blocks 1 & 2 (Tullow 50% and 100%) Onshore drilling activity is currently focussed on the high impact Ngassa wellwhich commenced in November. The extended reach well is being drilled under thelake from the shore by the Nabors 221 rig. The well is targeting severalintermediate reservoirs and the primary objective at a depth of between 3,000and 4,900 metres. Drilling operations were initially delayed by heavy rain whichslowed construction on the well site and subsequently technical difficultieswhile drilling through a faulted zone of claystones in the upper section of thewell have further slowed progress. The well is currently at 1,400 metres and wasoriginally scheduled to take 110 days to reach the primary target. However,these technical difficulties, combined with some supply disruptions resultingfrom the unrest in Kenya, mean that the well is not now expected to reach theprimary target until late March. In the Butiaba region of Block 2 and Block 1, onshore 2D seismic data is beingacquired. The Block 2 programme is 80% complete and has already identifiednumerous prospects, some with amplitude effects characteristic of hydrocarbons.These early results indicate considerably greater prospectivity in the Butiabaregion than in the adjacent Kaiso-Tonya area. A light mobile rig has beencontracted and a drilling campaign of approximately eight wells will commence inthis region towards the end of Q1 2008. The first well to be drilled in thisprogramme will most likely be on the Taitai prospect (previously known asWaki-2). In the Kaiso-Tonya region, the Mputa/Nzizi appraisal drilling programme wascompleted in December with the Mputa-4 well. The well proved the lateral extentof oil bearing reservoirs across the region although pressure data from theextended well test indicated some depletion over the test period. All of theappraisal well data is now being integrated with the 3D seismic into an updatedgeological model to refine reserve estimates and development planningassumptions ahead of the anticipated sanction of the Early Production System in2Q 2008. Block 3A (Tullow 50%) 3D seismic dataset over the Kingfisher oil discovery and the offshore Pelicanprospect has been acquired and processed and is now being interpreted. The datais being used to plan the Kingfisher-2 appraisal well which will commencefollowing the completion of the Ngassa well in Block 2. Early interpretation ofthe Pelican prospect looks particularly encouraging with some good seismicamplitude anomalies potentially indicative of hydrocarbons. A number ofadditional offshore prospects have also been identified and will be the subjectof further technical work in advance of any decision to drill. Africa Production and Development Congo (Brazzaville) Average gross production from the M'Boundi field (Tullow 11%) in 2007 was 46,500bopd from 49 production wells. The optimisation of the field recovery initiatedby ENI, the new operator, continues and is already having a positive impact onproduction decline and pressure support. Production for 2008 is expected toincrease from its current level of around 37,000 bopd, as new water injectorsare brought on line. Equatorial Guinea Performance from the Ceiba field (Tullow 14.25%) during 2007 exceededexpectations with average gross production of 42,750 bopd due to better thanexpected water injection performance, reservoir pressure management and subseapump uptime. Production in 2008 is expected to average approximately 37,000bopd. Since first oil from the Okume Complex (Tullow 14.25%) in December 2006, 15production wells and five water injectors have been drilled. Productionperformance, particularly from the Elon field, has exceeded expectations and iscurrently producing 64,000 bopd from 13 producers. In 2008, 10 wells are plannedand the complex is expected to achieve an average annual production of over60,000 bopd. On 17 January 2008, the combined Okume and Ceiba flow rates through theprocessing facilities exceeded 100,000 bopd for the first time. Cote d'Ivoire Gross production from both Espoir fields (Tullow 21.33%) is averaging 30,000boepd and is expected to remain at this level through 2008. The West Espoirdrilling programme has continued ahead of schedule with three production wellsand one water injector completed in the latter half of the year. The next stagein the development of the Espoir fields will be an upgrade of the FPSOfacilities handling capacity to be undertaken through 2008/9. Mauritania Gross production from the Chinguetti field (Tullow 19.01%) in 2007 averaged14,900 bopd and is currently around 12,000 bopd, significantly belowexpectations. Following a review of reservoir performance, ultimate recoverablereserves are expected to be significantly downgraded. A drilling campaign is due to commence on the field in April 2008 and willinclude two new infill wells and three well interventions. This work programmeis expected to increase production levels, improve the current gas-liftcapability and shut-off water-producing zones. Ahead of the Chinguetti wells, in March, an appraisal well is planned in thewest of the Banda discovery to better assess the volumes of gas in the Bandafield that could be utilised in a commercial development, and to determine thepotential extent of the oil rim. Gabon Production from Gabon in 2007 averaged 14,800 bopd net and is currently over15,000 bopd, supported by ongoing development activities in the Tsiengui,Obangue, Oba and Onal fields. Production from the Niungo (Tullow 40%) and Tchatamba (Tullow 25%) fields in2007 exceeded expectations in 2007 with a combined production of some 10,600bopd net to Tullow. Both fields continue to perform well. Positive results were seen on a number of fields following selective workoverand debottlenecking activities: the Etame FPSO was modified to increase grossproduction from the combined Etame-Avouma fields (Tullow 7.5%) to over 22,000bopd and reperforation of Echira wells (Tullow 40%) has increased fieldproduction to 1,800 bopd. Africa Exploration and New Ventures Namibia The Kudu-8 appraisal well designed to test the Kudu East reservoir within theGreater Kudu Field area was drilled to a total depth of 4,355m in September2007. The well encountered gas bearing sands on prognosis at 4,299m that werethicker and cleaner than similar sands intersected in the nearby Kudu-5 welldrilled in 1998. However, interpretation of wireline logs and core data indicated that thereservoir would not flow at commercial rates. As a consequence it was decidednot to flow test the well, which was plugged and abandoned. The result of the Kudu-8 well was a disappointment for both Tullow and itspartners in the project. Although more technical work is required to determinethe most appropriate future work programme, we remain committed to the KuduGas-to-Power project and optimistic as to the potential for additional gas to bediscovered in the region. Cote d'Ivoire Exploration success at Jubilee in Ghana has opened a new play in UpperCretaceous turbidite sands. This new play and a previously discovered play,comprising tilted Albian fault blocks (such as in the Espoir field and the EastGrand Lahou prospect in block CI-105), both extend throughout the West AfricaTransform Margin. Tullow has built up a strong position of nine licences alongthese play fairways, three in Ghana and six in Cote d'Ivoire, and expects to bedrilling in both plays during 2008. Tullow signed a PSC over Block CI-102 (Tullow 31.5%) in December 2007. Thisblock is prospective in both plays. Further opportunities in this exciting areaare under review. Mauritania Exploration activity offshore Mauritania will re-commence in February, when theKhop well (Tullow 22.42%) in Block 6 will commence. This well is targetingCretaceous reservoir intervals, and is potentially more material than theshallower Miocene plays previously drilled in the region. State of the artseismic acquisition and processing will allow Tullow to drill deeper wellstargeting these Cretaceous plays. In 2008 this work includes a 3D seismic surveystraddling Block 1 and the St Louis block in Senegal as well as reprocessing ofseismic data acquired across Blocks 2 and 7. Gabon The M'Pano-1 exploration well in the Nziembou permit (Tullow 40%) found anexcellent quality reservoir but was unfortunately dry. Technical work is ongoingon the three Tullow-operated offshore exploration licences, Azobe, Kiarsseny andAkoum, with the drilling campaign postponed to 2009. In addition, otherpotentially attractive exploration opportunities are being examined with a viewto expanding our exposure to opportunities onshore Gabon. Cameroon In early 2007, following a comprehensive analysis of the remaining prospectivityin the Ngosso concession offshore Cameroon (Tullow 40%), Tullow took a decisionto dispose of this asset. A Sale and Purchase Agreement, which is subject to theconsent of the government of Cameroon, was signed with the Hungarian company MOLin November 2007. 2) EUROPE CORE AREA Tullow's producing interests in Europe lie in the Southern Gas Basin of the UKNorth Sea. In addition Tullow also has offshore exploration interests in theNetherlands and Portugal. Working interest production(1) 2007 Average (boepd) Current Production (boepd) CMS Area 15,600 17,500Thames-Hewett Area 12,900 12,000UK Total 28,500 29,500 (1) Includes condensate Europe Production and Development UK During 2007, UK net production averaged 27,000 boepd, 4% lower than 2006. Thisreduction was primarily a result of delayed completion of redevelopment wellswithin the Ketch field. Current production performance from the Thames-Hewettarea and the CMS assets has been in line with expectations. In the Thames-Hewett area, the development of the Tullow-operated Wisseydiscovery (Tullow 62.5%) in Block 53/4d is ongoing. The pipeline has been laidand drilling is currently in progress on the single sub-sea well which will betied back to the Horne and Wren platform is currently drilling. First gas isplanned for August 2008. On the Hewett Complex, an appraisal-development well targeting a deepRotliegendes reservoir in the Hewett main field is planned for the second halfof 2008. Tullow also plans to complete the conversion of the Hewett complex to anot-normally-manned facility thereby continuing to control operating costs atthis mature field. In the CMS Area, the Kelvin field (Tullow 22.5%) came on stream on 15 Novemberat 135 mmscfd, significantly ahead of expectations and only two years after theoriginal discovery. The new wells on Schooner (Tullow 90.35%) and Ketch (Tullow100%) have continued to produce strongly and a future drilling programme is nowunder review. Average production from the UK in 2008 is expected to be in the range 23,000 to27,000 boepd; further investment in additional programmes with the potential toincrease these levels will be based on a number of factors including theunderlying field performance and the wider gas pricing environment. Europe Exploration and New Ventures UK The Doris exploration well in the Hewett Unit Area is scheduled to commencedrilling in February 2008. This undrilled tilted fault block will targetRotliegendes sandstones, akin to the producing interval in the D-Fields withinthe Hewett Unit. If successful, it is anticipated that first gas can be achievedduring 2008. Acquisition of a 300km 2D seismic survey is also plannedimmediately south of the Hewett Unit in May this year as part of the workprogramme agreed for 24th Round blocks. Netherlands Following the award of block E13, Tullow have made applications for a furtherfive blocks on the same trend. Three blocks have been awarded to Tullow, and weanticipate acquiring an operated position in two further blocks via post-awardlicence assignments. Work on these blocks in 2008 will focus on seismicreprocessing and interpretation. Portugal Tullow has interest in three blocks in the undrilled Alentejo Basin (Tullow 80%)off the southwest coast of Portugal. A detailed seismic infill programme acrossthe acreage is planned for 2008, and a 3000 km 2D seismic survey is scheduled tocommence in late May. 3) SOUTH ASIA CORE AREA In South Asia, Tullow has exploration, development and production interests inPakistan and Bangladesh and exploration interests in India. Working interest production 2007 Average (boepd) Current Production (boepd)Pakistan 1,000 2,000Bangladesh 3,300 3,500South Asia Total 4,300 5,700 South Asia Production and Development Bangladesh Gross production from the Bangora/Lalmai field (Tullow 30%) is currently steadyat 70 mmscfd. The second phase of development has commenced and will involvethe upgrading of the Bangora processing facility and the tie-in of the Bangora-3production well. This work is scheduled to complete in Q3 2008 and is expectedto increase gross production to 100 mmscfd. Pakistan Gas production from the Chachar field (Tullow 75%) commenced in August 2007 at arate of 23 mmscfd. A mechanical problem has restricted production from one ofthe wells however remedial work and further wells are planned to increaseproduction in 2008. Compression facilities were installed at Sara/Suri and will extend the fieldproduction life. South Asia Exploration and New Ventures Pakistan A one-year extension has been granted on the Kohat Block (Tullow 40%). Twomaterial drillable prospects have been defined and it is now envisaged thatdrilling will commence in Q3 2008. Geological fieldwork has commenced on theKalchas Block (Tullow 30%) and plans are being finalised to commence seismicoperations. India A rig has been secured to drill three firm and three contingent wells on BlockCB-ON/1 (Tullow 50%) in India. The wells will target a range of different playtypes within the rift basin and are scheduled to commence in early Q2 2008. 4) SOUTH AMERICA CORE AREA In the West Atlantic, Tullow has exploration interests in Suriname and FrenchGuiana and continues to negotiate Production Sharing Contracts for two keyblocks offered in Trinidad's 6th exploration licensing round. South America Exploration and New Ventures Trinidad Tullow are currently negotiating Production Sharing Contracts on two blocksoffered in Trinidad's sixth exploration licensing round, Block 2a/b (Tullow32.5%) and the Guayaguayare Block (Tullow 65-80%). It is anticipated that thesecontracts will be finalised during Q2 2008. Suriname The Uitkijk (Tullow 36.5%) drilling programme was completed in Q4 2007. Oil wasencountered in three of the five wells drilled and results are being evaluatedbefore continuing with the next phase of the drilling programme. French Guiana French Guiana's sole offshore licence (Tullow 77.5%) contains the large Matamataprospect. A CSEM programme was conducted in the Block during 2007 and planningfor a deep-water exploration well, towards the end of 2008, continues. Due tothe materiality of the prospect and potentially significant well costs Tullowmay seek to farmout equity prior to drilling. Summary of Planned First Half 2008 Exploration and Appraisal Activity Country Block Prospect Interest Spud Date Uganda Block 2 Ngassa 100% (op) In progressGhana WCTP Odum 22.9% In progressUK 48/30a Doris 51.8% (op) February 2008Mauritania Block 6 Khop 22.4% February 2008Ghana WCTP Mahogany-2 22.9% March 2008Uganda Block 2 Butiaba campaign 100% (op) March 2008Mauritania Block 4B Banda NW 22% March 2008India CB-ON/1 3-well campaign 50.0% April 2008Uganda Block 3A Kingfisher-2 50% Q2 2008Ghana Deepwater Tano Hyedua-2 49.95% (op) Q2 2008Ghana WCTP Mahogany-3 22.9% Q2 2008 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 Kate DelahuntyChris Perry George Cazenove CONFERENCE CALLS Conference calls hosted by Aidan Heavey (Chief Executive), Paul McDade (ChiefOperating Officer), Angus McCoss (Exploration Director) and Tom Hickey (ChiefFinancial Officer) will be held today at 09:30 (GMT) and 15:00 (GMT): 09:30 UK/European Conference Call For UK and international participants please call +44 (0)20 7806 1953 andrequest to be connected to the Tullow Oil teleconference. Confirmation Code:4012643 For participants in Ireland, please call +353 (0)1 655 8885. Confirmation Code:4012643 A replay facility will be available from one hour after the conference call forseven days. Please call +44 (0)20 7806 1970, access code: 4012643#. 15:00 US Conference Call Please call +1 480 629 9031 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 +1 303 590 3030, access code: 3834436. Disclaimer This announcement contains certain operational and financial information inrelation to 2007 that 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:
Tullow Oil