8th Nov 2006 07:02
Tullow Oil PLC08 November 2006 News release Tullow Oil plc - Schooner and Ketch Redevelopment Update 8 November 2006 - Tullow Oil plc (Tullow) announces that the NW Schoonerappraisal well tested at a rate of 7.5 mmscfd and that Ketch-7 has been broughton stream and is currently producing at 50 mmscfd. NW SCHOONER APPRAISAL WELL (Tullow 90.35%) The NW Schooner appraisal well, targeting an extension of the main Schoonerfield, encountered gas bearing reservoir zones that have now been tested. Thewell flowed at a rate of 7.5 mmscfd from the Ketch reservoir sands with adepleted pressure of 2,250 psi, significantly below expectations and indicatingthat this area is in communication with the main Schooner field. The well has been suspended to consider the implication of these results and tofurther evaluate the options for this region of the field. There are noimmediate plans to tie back this well to the Schooner platform. The BorgstenDolphin rig has now moved off location. KETCH-7 BROUGHT ON PRODUCTION (Tullow 100%) The Ketch-7 well, the second Schooner-Ketch redevelopment well, tested at a rateof 45 mmscfd and was brought on stream on 8 October 2006. The well has beenproducing at an average rate of over 50 mmscfd for the last month and hasincreased the Schooner and Ketch production capability to over 100 mmscfd. The second Ketch development well, Ketch-8, is currently drilling at a measureddepth of 16,400 feet. The forward plan is to drill the 3,000 foot horizontalreservoir section and bring the well on production in January 2007. Commenting today, Aidan Heavey, Chief Executive said: "We are pleased with the overall progress of the Schooner & Ketch redevelopmentprogramme despite the disappointing NW Schooner outcome. Since we acquired theassets in 2005, production has trebled, uptime has improved significantly andgas prices have strengthened. We expect the ongoing work programme to addmaterially to current production rates." For further information contact: Tullow Oil plc Citigate Dewe Rogerson Murray Consultants(+44 20 8996 1000) (+44 20 7638 9571) (+353 1 498 0300) Martin Jackson Joe Murray Aidan HeaveyTom HickeyChris Perry 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 90exploration and production licences across 17 countries and focuses on threecore areas: NW Europe, 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 exploration and production in Gabon, Cote d'Ivoire, Congo(Brazzaville) and Equatorial Guinea and a large gas field development andappraisal programme in Namibia. Tullow also has exploration programmes inMauritania, Senegal, Cameroon, Uganda, Congo (DRC), Madagascar, Angola andGhana. In South Asia, Tullow has exploration and production in Pakistan and Bangladeshand high impact exploration activities in India. 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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