1st Mar 2007 07:07
Tullow Oil PLC01 March 2007 News release Tullow Oil Plc - Kingfisher-1 Well Test Results 1 March 2007 - Heritage Oil, the operator of the Kingfisher-1 exploration wellin Uganda, in which Tullow Oil plc ("Tullow") is a 50% partner, today issued thefollowing press release: Calgary, Alberta, March 1, 2007 - Heritage Oil Corporation (TSX: HOC) todayannounced final results from the successful testing of all three intervals inthe deeper horizon of the Kingfisher-1A well in Block 3A, Uganda. The threeintervals tested, from between 2,260m to 2,367m, had a total net productivethickness of 44 metres and produced at a cumulative maximum flow rate of 9,773bopd. Additionally, the test of the shallower interval reported in November 2006produced at a rate of 4,120 bopd, resulting in an overall cumulative maximumflow rate of 13,893 bopd from the Kingfisher well. The tests may be summarisedas follows: Depth Interval thickness Production Oil quality Flowing well head pressure (metres) (metres) (bopd) (API) (psig)Deeper intervals 2,344 21 2,965 32 240 2,290 12 2,254 31 157 2,260 11 4,554 32 360 44 9,773Shallower interval* 1,783 10 4,120 30 221 Total 54 13,893 * Test undertaken in November 2006 The oil is good quality light (between 30degrees and 32degrees API) and sweetwith a low gas-oil ratio and some associated wax. All of the above productionflow rates were conducted through a one inch choke. The reservoirs aresandstones which have high permeability up to 2,300 milliDarcies. The Kingfisher prospect is a very large structural high that is expressed atsurface on the bed of Lake Albert. Seismic data indicates an areal extent of upto 70 square kilometres for the Kingfisher prospect. This first exploration wellonly investigated a limited part of this large structure and did not reach thedeepest objectives. Heritage is operator of and holds a 50% interest in Blocks 3A and 1 in Uganda,and has a 39.5% interest in Blocks 1 and 2 in the Democratic Republic of Congo.The total gross size of these holdings is in excess of 12,000 square kilometresand they occupy a very substantial part of the Albert Basin. Heritage's partnerin these blocks is Tullow Oil. A map of the licenses, and the potential targetsin Block 3A, is available on Heritage's website (www.heritageoilcorp.com). Looking forward to future Uganda work programs, Heritage has contracted toacquire two seismic surveys this year; a circa 325 square kilometre 3D programover the Kingfisher and Pelican structures in Block 3A and a circa 500 kilometre2D survey in Block 1. Further drilling of the Kingfisher prospect will commencefollowing the acquisition and interpretation of the 3D seismic survey. Effortsare currently being made to identify and secure a higher capacity rig capable ofdeeper drilling in order to explore the deepest objectives not penetrated by theKingfisher well. In addition, initial plans are being developed to drill theoffshore Pelican prospect next year. Tony Buckingham, Heritage's CEO stated "The cumulative flow rate of 13,893 bopdfrom the Kingfisher well has surpassed our expectations. The test resultsindicate the outstanding potential of the Kingfisher discovery; substantiallylowers the exploration risk of drilling other multiple targets in our licenses;and is another step closer to future production and commercial viability.Heritage is accelerating the work program to maximise the potential of whatcould be a world-class petroleum basin. All five wells drilled in the AlbertBasin in the last 15 months have been oil discoveries, which we considerexceptional for a virgin onshore hydrocarbon basin and Kingfisher is the secondwell that has produced over 12,000 bopd under test. This is a very exciting timefor Heritage, as these licenses could transform this Company." 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 100exploration and production licences across over 20 countries and focuses onthree principal core 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), 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. Following the recently completed acquisition of Hardman Resources Limited,Tullow also has high impact exploration interests in French Guiana, Suriname andthe 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:
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