Tullow Oil PLC
22 September 2003
Tullow Oil plc
22nd September 2003
DRILLING ACTIVITY UPDATE
Espoir Project, Cote d'Ivoire
The drilling phase of the East Espoir Development has now finished with the
completion of the fifth Espoir production well, which went into full production
on September 6th 2003.
Gross production from Espoir (Tullow - 21.33%) averaged 26,000 boepd for the
first week of production following completion of this well, and is currently
producing at approximately 26,700 boepd gross. The drilling rig is currently
being demobilised from the Espoir Wellhead Tower.
The West Espoir Development Project is due to be sanctioned by the field
co-venturers in October, 2003, with first oil expected during the second quarter
of 2005.
UKCS Licence P105: Well 49/29a-10
Exploration well 49/29a-10, drilled on the Gawain SE prospect in the Southern
North Sea, has been plugged and abandoned, without encountering hydrocarbons in
the target reservoir. Co-venturers in the well and their equity interests are:
Superior Oil (U.K.) Limited (a subsidiary of ExxonMobil) - 50%
Tullow Oil UK Limited (a subsidiary of Tullow) - 50%
The results from the well are being evaluated to determine the remaining
potential of the area.
Aidan Heavey, Chief Executive of Tullow Oil, said:
'We are delighted with the progress in East Espoir and eagerly look forward to
continuing this success in West Espoir. While the Gawain outcome was
disappointing, our UKCS activity is being stepped up with Watt progressing
satisfactorily and further wells planned over the coming months'
For Further Information Contact:
Tullow Oil plc (+44 20 7333 6800)
Aidan Heavey
Tom Hickey
Citigate Dewe Rogerson (+44 207 638 9571)
Martin Jackson
Murray Consultants (+353 1 498 0300)
Joe Murray
Notes for Editors
Tullow Oil plc is one of the leading Independent International Oil & Gas
Exploration and Production companies in Europe. Tullow is quoted on the London
and Irish stock exchanges (symbol TLW) and is a member of the FTSE 250 Index.
Strategy
Tullow's strategy is to build strong and secure cash flow from low risk
production acreage while applying discretionary funds to exploration territories
with high potential. These activities will be undertaken in a manner that
reflects a genuine concern for the environment and the health and safety of all
personnel.
Production and Development Assets
Tullow has interests in 58 exploration and production licences spread over three
core areas: UK North Sea, West Africa and South Asia
In the North Sea, Tullow's principal interests are in the CMS and the Thames/
Hewett group of licences and the operatorship of the Bacton onshore gas
processing terminal. North Sea gas production is expected to average 120 mmscfd
in the current year.
The Espoir field in Cote d'Ivoire, West Africa, is Tullow's principal source of
international production and is currently achieving a production level of over
26,000 boepd. Tullow is also active in Gabon and Cameroon where it has in place
fast track exploration and development programmes.
In South Asia, Tullow has production and exploration interests in Pakistan,
exploration activities in Bangladesh, where an extensive drilling programme is
scheduled, and also in India.
For further information see www.tullowoil.com
This information is provided by RNS
The company news service from the London Stock Exchange
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