17th Jan 2006 07:01
Tullow Oil PLC17 January 2006 News release Tullow Oil Plc - Uganda: Block 2 Mputa-1 exploration well 17 January 2006 - Tullow Oil plc (Tullow) announces that the Mputa-1 explorationwell in Uganda has encountered oil shows over two intervals within the deeperobjective and wireline logs have indicated that these intervals are hydrocarbonbearing. A wireline pressure and sampling programme has commenced and, as of 16January, oil samples have been recovered from the first such interval, a sand ofapproximately 10 metres gross thickness at a depth of 965 metres. The samplingprogramme is continuing and will include the lower interval where evidence ofhydrocarbons has also been encountered. In accordance with the planned drilling programme for Block 2, the well will beplugged and abandoned upon completion of the wireline sampling programme; anyproduction testing of Mputa-1 will be considered in conjunction with futuredrilling. The rig will then move to the Waraga-1 location approximately 20 km tothe north east of Mputa-1. Mputa-1 targeted multiple objectives on a structural prospect defined by the2005 seismic survey in an area with surface oil seeps. The results of theMputa-1 discovery provide encouragement for further evaluation of thesurrounding area where a number of other prospects and leads have beenidentified. Further work will be required before any comment can be made on thesize or commercial significance of the potential resource. Commenting today, Aidan Heavey, Chief Executive of Tullow said: "The initial results of the Mputa-1 well are very significant in that they provethe existence of a working petroleum system in the Albertine Basin where Tullowhas a 50% equity interest throughout. While it is too early to determine thesize or potential commerciality of Mputa-1, the results significantly reduce therisk of the prospects mapped in Blocks 2 and 3A. We now look forward to thedrilling of the Waraga-1 well in Block 2 and the Kingfisher prospect in Block 3A". 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 MurrayChris 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:
Tullow Oil