7th Mar 2006 07:04
Tullow Oil PLC07 March 2006 News release Tullow Oil Plc - Uganda: Block 2 Waraga-1 exploration well 7 March 2006 - Hardman Resources, the operator of the Waraga-1 exploration wellin Uganda, in which Tullow Oil Plc (Tullow) is a 50% partner, today issued thefollowing press release. Tullow will provide a further update once loggingoperations have been completed. "Since the last report on 28 February, the Waraga-1 well was drilled to a depthof 1,768 metres. Wireline logs, including wireline pressure and sampling tools,were run at this depth to investigate hydrocarbons encountered in the well(elevated gas readings and oil shows). Subsequent evaluation of these logs andpressure measurements indicates a gross hydrocarbon interval of 32 metres with anet pay ratio of approximately 50% and the hydrocarbon type is interpreted asoil. Samples are yet to be recovered from the well because of problems with thewireline sampling tool. No oil water contact has been observed although thewell has now passed into probable water bearing sands below the hydrocarboninterval. Multiple objectives are interpreted in this prospect and, on the basis ofseismic correlations between Waraga-1 and Mputa-1, we still expect to intersectdeeper objectives, similar to the oil bearing intervals in Mputa-1, beforeWaraga-1 reaches total depth. At midnight on 5 March the well was drilling ahead at 1,872 metres towards arevised planned total depth of approximately 2,050 metres. Wireline logsincluding a pressure and sampling programme will be conducted to furtherevaluate this reported hydrocarbon interval and the expected deeper objectives. Waraga-1 is located 19 kilometres to the northeast of the recently drilledMputa-1 oil discovery well and 41 kilometres southwest of the Butiaba Waki-1well (drilled in 1938). Waraga-1 is testing a structural prospect with identicalgeological targets to the oil bearing reservoirs seen at Mputa-1. The Waragaprospect was defined by the 2005 onshore seismic survey and the geological riskwas significantly reduced by the success of Mputa-1." If you have any questions on this announcement please 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 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 approximately 90production and exploration licences in 16 countries and focuses on three coreareas: NW Europe, West Africa and South Asia. Tullow's NW Europe 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 60% of its production. In Africa, Tullow has production and exploration in Gabon, Cote d'Ivoire, Congo(Brazzaville) and Equatorial Guinea. Tullow also has exploration programmes inMorocco, Mauritania, Senegal, Cameroon, Uganda and Angola. In South Asia, Tullow has production and exploration interests in Pakistan andexploration activities in India and Bangladesh. 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:
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