16th Nov 2006 09:32
Tullow Oil PLC16 November 2006 News release Tullow Oil plc - Nzizi-1 Exploration Well and Chinguetti Reserves Update 16 November 2006 -Hardman Resources, the operator of the Nzizi-1 explorationwell in Uganda, in which Tullow Oil plc (Tullow) is a 50% partner, today issuedthe following press release. Hardman also commented on an investor presentationgiven by Woodside, the operator of the Chinguetti field in Mauritania in whichHardman has a 19.008% stake. Exploration Area 2: Nzizi-1 Since the last report on the Nzizi-1 well, logging operations have beencompleted and pressure measurements taken. Good oil shows were encountered during drilling over a gross interval ofapproximately 180 metres, directly above basement, in a similar section to thatencountered by the Mputa-1 well, 6 kilometres northeast of Nzizi-1. Wireline logs and pressure measurements indicate an interbedded sequence of oilbearing sands and shales. No fluid samples or testing operations were plannedfor this well as it was drilled in a slimhole configuration and consequently itwill now be plugged and abandoned. The well result suggests there is scope to significantly increase therecoverable volume reported so far for the Mputa/Waraga area, of around 30million barrels, and hence further enhance the potential resource base in theAlbertine Basin. Studies are underway to establish a range of developmentoptions for the existing discoveries, which allied to additional seismiccurrently being acquired and future appraisal drilling, will determine ultimatecommerciality. Commenting on the Nzizi-1 result, Mr. Simon Potter, Hardman MD and CEO, said: "The fourth discovery in four wells drilled by Hardman in Exploration Area 2proves that the working oil system extends over a significantly greater area,adding to the resource base established so far this year, and providingencouragement for future exploration of the basin." Equities in Block 2 are: Exploration Area 2Hardman Petroleum Africa Pty Ltd (Operator) 50.0%Tullow Oil plc 50.0% OPERATOR UPDATE ON CHINGUETTI RESERVES (MAURITANIA) Hardman notes that the Chinguetti field operator, Woodside, has today providedin a presentation to investors an update on the Chinguetti field (Hardman19.008%), including an interim update of Chinguetti field reserves. The operator's estimate of proven and probable reserves for the Chinguetti fieldof 53 mmbbls is consistent with the estimate provided by the IndependentTechnical Expert for the purposes of the Scheme of Arrangement for theacquisition of Hardman by Tullow Oil plc and included within Hardman'sExplanatory Memorandum to shareholders dated 14 November 2006. Hardman will provide additional information on the results of the operator'sreserves review for Chinguetti when that review is made available to the jointventure. For further information contact: Tullow Oil plc Citigate Dewe Rogerson Murray Consultants(+44 20 8996 1000) (+44 20 7638 9571) (+353 1 498 0300)Tom Hickey Martin Jackson Joe MurrayChris 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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