Tullow Oil PLC
22 July 2002
Monday 22 July 2002
TULLOW AWARDED 5 NORTH SEA OFFSHORE PRODUCTION LICENCES
Tullow Oil plc ('Tullow'), the independent oil and gas exploration, development
and production company, announces that its wholly-owned subsidiary Tullow
Exploration Limited ('TEL'), has been awarded five Seaward Production Licences
on the United Kingdom Continental Shelf ('UKCS'). The licence awards, announced
by the Minister for Industry and Energy, Brian Wilson, on 18th July comprise a
total of seven UKCS blocks or part blocks, totalling approximately 340 sq. kms.
net to TEL. It represents one hundred per cent success for the applications made
by TEL in this competitive licence round. The awards are listed below.
Six of the blocks are in the Southern Gas Basin in close proximity to the
Caister Murdoch System ('CMS') infrastructure in which TEL has a significant
interest. There are undeveloped gas discoveries on two of the blocks, and a
number of significant exploration leads, all of which offer the potential for
early commercial production through CMS, in the case of exploration or appraisal
success. The work programmes allow for the reprocessing of existing 3-D seismic
data or the acquisition of new 3-D surveys, with the option to drill or drop the
acreage after the data has been thoroughly assessed.
The seventh block is located in the prolific Central North Sea/Outer Moray Firth
oil province. This is in partnership with the operator of the Buzzard field, the
largest North Sea discovery for a number of years. This represents TEL's first
acreage in this area and the block has been awarded on a similar work programme
to the other blocks.
Aidan Heavey, Managing Director, Tullow Oil plc, said: 'We are delighted with
this major award of very prospective acreage, which marks a significant step in
capitalising on the success of our purchase of the BP/ARCO assets, completed
last year. It fits well with our strategy of growth from our core areas of North
Sea infrastructure. It also gives us our first opportunity to expand into the
oil province of the Central North Sea. We look forward to an exciting
exploration and appraisal programme.'
ENDS
For more information please contact:
Tullow Oil plc Binns & Co PR Ltd
John Lander, Managing Director, Tullow Exploration Peter Binns, Emma McCaffrey
Limited
Graham Martin, Legal and Commercial Director
Tel: 020 7333 6800 020 7786 9600
www.tullowoil.com www.binnspr.co.uk
Editor's notes:
The following blocks were awarded by the Department of Trade and Industry to
TEL:
Block Number Licensees and Equity Interests
15/28c TEL (15%), EnCana (55%)*, Paladin (20%), Montrose (10%)
44/11 and 44/12 TEL (35%), Gaz De France (37.5%)*, Consort (27.5%)
44/16 TEL (35%), Gaz De France (37.5%)*, Consort (27.5%)
44/18b and 44/23b TEL (22.5%), Conoco (50%)*, Gaz De France (27.5%)
44/28a TEL (22.5%), Conoco (50%)*, Gaz De France (27.5%)
*denotes operator
This information is provided by RNS
The company news service from the London Stock Exchange
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.