Tullow Oil PLC
02 May 2003
PRODUCTION COMMENCES FROM THE MCADAM GAS FIELD, OFFSHORE UK
Tullow Oil plc ('Tullow') announces that production commenced on 27th April from
the McAdam gas field, situated in the UK Southern North Sea. Initial production
rates are between 60 and 65 million standard cubic feet per day (mmscfd) from
the single well development, which is above the anticipated level of 50 mmscfd.
The McAdam field is the third field to be brought on production as part of the
five field development collectively known as CMS III, as they are being
developed using the production and transportation facilities of the Caister
Murdoch System (CMS).
Tullow Oil UK Limited holds a 14.1 percent interest in CMS III. ConocoPhillips
(U.K.)
Limited operates CMS III with 59.5 percent, and GDF Britain Limited holds 26.4
per cent.
Production from the first two fields, Murdoch K and Hawksley, which produce from
different Carboniferous reservoirs to that of McAdam, has exceeded expectations
since first gas was produced from CMS III in September 2002. These two wells,
along with the additional production from McAdam, bring the combined production
rate to the anticipated plateau of 300 mmscfd.
The fourth well in the programme, Boulton H1, is currently drilling, and should
be on production in Q3 this year. The Watt field will be the last of the five to
be developed.
The CMS project required new and upgraded facilities, including a bridge-linked
accommodation platform and tie-ins, for the CMS III sub-sea development. The
installation of a new compression module this summer will double compression
capacity, catering for both existing production and future developments in the
area.
John Lander, Tullow Oil UK Limited Managing Director stated: 'The commencement
of production from McAdam is another milestone in a highly successful project.
We are delighted to have achieved a combined production rate of 300 mmscfd,
while the additional compression capacity to be installed this summer will also
open up the opportunity to fast track new discoveries or existing finds in the
surrounding acreage'
For further information contact:
Tullow Oil plc Tel: +44-020 7333 6800
Aidan Heavey, Chief Executive
Tom Hickey, Finance Director
John Lander, Managing Director, Tullow Oil UK Limited
www.tullowoil.com
Binns & Co PR Ltd Tel: +44-020 7786 9600
Ben Willey, Peter Binns, Emma McCaffrey
www.binnspr.co.uk
NOTES TO EDITORS
Tullow Oil plc is a UK registered company, quoted on the London and Irish stock
exchanges, and is one of the largest Independent Exploration and Production
companies in Europe. Tullow Oil is a dynamic player in the international oil and
gas industry. Its primary offices are in London (UK & Corporate) and Dublin
(International Business).
Tullow Oil has interests in 54 exploration and production licences spread over
three main areas - South Asia, Africa, and Europe. It has regional offices in
South Asia and Europe and is planning to open one in West Africa.
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.