6th Nov 2006 14:05
Tullow Oil PLC06 November 2006 News release Tullow Oil plc - Kingfisher-1 Exploration Well Test Update 6 November 2006 - Heritage Oil, the operator of the Kingfisher-1 explorationwell in Uganda, in which Tullow Oil plc (Tullow) is a 50% partner, today issuedthe following press release. Heritage Oil's Kingfisher-1 well in Uganda test produces 4,120 BOPD Heritage Oil Corporation (TSX: HOC) today announced that the upper zone of theKingfisher-1 well in Block 3A, Uganda was tested (DST#2) at a stabilized flowrate of c. 4,120 barrels of oil per day (bopd) through a fixed one inch choke ata flowing well head pressure of 221 psia. The oil was light (c. 30degrees API)and sweet with a low gas-oil ratio and some associated wax. The test rate wasconstrained by the available completion and test facilities, and the flow dataindicated that when equipped for production, the well should be capable offlowing at stable rates of approximately 5,600 bopd. The flow data from the testindicated an extremely high permeability of over 2,000 milliDarcies, whichpartly explains why the test was constrained. Two firm production tests, DST#1 and DST#2 were undertaken. DST#1 did not flowhydrocarbons to surface. DST#2 tested two zones totalling 10 metres over theinterval from 1,783 to 1,795 metres which flowed at a stable rate of c. 4,120bopd. Following interpretation of the data from these two tests a decision wastaken not to proceed with any further testing. The tests represented a secondaryexploration objective for the well, which will now be sidetracked and drillingwill continue to the deeper primary objectives. It could take a further 45 to 60days to reach target depth of between 3,000 and 4,000 metres. The test equipmentwill remain on location to test the primary target. The Kingfisher prospect is a very large structural high that is expressed atsurface on the bed of Lake Albert. Seismic data indicate the Kingfisher prospecthas an areal extent of up to c. 70 square kilometres, although the Kingfisher-1well will only investigate a limited part of such a large structure. Tony Buckingham, Heritage's CEO stated "The Albert Basin now looks increasinglylike it has the elements to make it a world-class petroleum basin. The flowrates, even constrained by available completion and test facilities, farexceeded our expectations. We are delighted with the test results that have beenproduced from an upper zone which is not the primary target of the well. Thisdiscovery proves there is a working hydrocarbon system in Block 3A significantlyreducing the exploration risk of the other high impact prospects that have beenidentified throughout our licenses in the Albert Basin. We look forward toaccelerating the work programs in the basin." Heritage is the Operator of Blocks 3A and 1 in Uganda with a 50% equity in thelicense, with Tullow Oil holding the remaining 50% interests. 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 MurrayTom 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 ENDS This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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