Hewett - Bacton Completion

RNS Number : 2183J

Tullow Oil PLC

01 December 2008

 



News Release 

Tullow completes sale of Hewett Unit Interest to Eni

1 December 2008 - Tullow Oil plc (Tullow) announces that it completed the sale of its 51.69% interest in the offshore Hewett Unit fields and related Bacton onshore gas processing terminal to Eni UK Limited (Eni) on 28 November 2008. 

The headline cash consideration of £210 million has been received and Eni has taken over operatorship and assumed Tullow's share of all associated abandonment liabilities. Tullow continues to work closely with Eni to ensure a safe and orderly transition of the assets.

FOR FURTHER INFORMATION CONTACT:

Tullow Oil plc  ([phone]) Aidan Heavey Ian Springett Chris Perry

Citigate Dewe Rogerson  ([phone])  Martin Jackson George Cazenove

Murray Consultants  ([phone])  Joe Murray  Ed Micheau

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 a constituent of the FTSE 100 Index. The Group has interests in over 90 exploration and production licences across 23 countries and focuses on four core areas: Africa, Europe, South Asia and South America.

In Africa, Tullow has production in Gabon, Côte d'Ivoire, Mauritania, Congo (Brazzaville) and Equatorial Guinea and two large appraisal and development programmes in Ghana and Uganda. Tullow also has exploration interests in Gabon, Côte d'Ivoire, Mauritania, Senegal, Congo (DRC), Tanzania, Madagascar, Namibia and Angola.

Tullow's European interests are primarily focused on gas in the UK Southern North Sea where it has significant interests in the Caister-Murdoch System and the Thames-Hewett areas and operates over 70% of its production. The company also has interests offshore the Netherlands and Portugal.

In South Asia, Tullow has exploration and production in Pakistan and Bangladesh and exploration activities in India.

In South America, Tullow has exploration interests in Trinidad and Tobago, Guyana, French Guiana and Suriname.

For further information please refer to our website at www.tullowoil.com.

 

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