Tullow Oil PLC
04 December 2002
4 December 2002
TULLOW OIL SIGNS NEW LICENCE IN CAMEROON
Tullow Oil plc ('Tullow'), the independent oil and gas exploration, development
and production company, announces that its wholly owned subsidiary, Tullow
Cameroon Limited and partner Addax Petroleum Cameroon Ltd, have signed a
concession contract with the Cameroon Government for the Ngosso Area in the
prolific Rio del Rey basin. Addax will operate the concession with a 60%
interest while Tullow will hold the remaining 40%. This award expands Tullow's
exploration portfolio in an area of significant hydrocarbon potential and
complements Tullow's existing West African producing assets in Cote d'Ivoire.
Ngosso Area
The Ngosso concession, which lies in shallow water, contains a number of
existing small oil discoveries - Narendi, Odiong and Oongue - in addition to
numerous exploration opportunities. Via an aggressive exploration and appraisal
programme Tullow and Addax plan to confirm the commerciality of these
accumulations and other prospects on the block.
A 200 sq km programme of 3D seismic acquisition will commence in early 2003 with
the intention of confirming the extent of various discoveries and prospects on
the block. Drilling of two commitment wells will follow in 2004.
The Ngosso area sits in the prolific Rio del Rey basin close to the border with
Nigeria. The 474 sq km block combines two blocks, MLHP-9 and PH-48a, previously
operated by Elf and Pecten, a subsidiary of Shell. Water depth in the licence
area is shallow facilitating cost effective drilling and field development.
Both shallow deltaic Miocene targets and deeper Eocene turbidite plays are
present on the acreage. Miocene fields, have been exploited in Cameroon since
the 1970s and modern seismic techniques have highlighted the possibility of
larger and deeper structures similar to those discovered in nearby Equatorial
Guinea.
Commenting, Aidan Heavey, Chief Executive, Tullow, said: 'This entry into
Cameroon further demonstrates Tullow's commitment to growth via the drill bit in
an exciting and vibrant Hydrocarbon Province. We are delighted to once again be
working with Addax in expanding our existing core areas and targeting West
African opportunities.'
For further information contact:
Tullow Oil plc Tel: +44-020 7333 6800
Aidan Heavey, Chief Executive
Graham Martin, Legal and Commercial Director
Brian O'Cathain, Managing Director, Tullow Oil International Limited
www.tullowoil.com
Binns & Co PR Ltd
Emma McCaffrey Tel: +44-020 7786 9600
Judith Parry Tel: +44-0113 242 1171
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 52 exploration and production licences spread over
three main areas - Indian Subcontinent, Africa, and Europe - and has regional
offices in each area.
This information is provided by RNS
The company news service from the London Stock Exchange
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