Well Update

RNS Number : 1806K

Tullow Oil PLC

16 December 2008

 



News Release 

Successful Buffalo-1 exploration well 

16 December 2008 - Tullow Oil plc (Tullow) announces that the Buffalo-1 exploration well, which is located in the Butiaba region of Uganda Block 1, has encountered 15 metres of net gas pay and over 28 metres of net oil pay within a 123 metre gross interval. Although at an early stage of evaluation, this discovery is potentially the largest in the Butiaba Area to date.

The well was drilled some 500 metres from the crest of the structure to a total depth of 637 metres and has been successfully logged. Downhole pressure testing and sampling have confirmed the presence of dry gas and moveable oil that has been recovered to surface. Reservoir quality in all pay zones is excellent.

The gas and oil columns encountered are 48 metres and 75 metres respectively with the potential to be even larger. Further exploration and appraisal may uncover significant upside in the undrilled areas of what could be a very substantial trap. 
 

Buffalo-1 is the fifth successful test of the Victoria Nile delta play fairway within the Lake Albert Rift Basin and was drilled 16 km north-east of the Warthog-1 and Kasamene-1 discoveries. This latest result extends the play further north and de-risks several adjacent prospects, located in Blocks 1 and 2, which are scheduled for drilling in 2009.

The well has now been suspended as a future producer and the rig is being moved five km south to the  location of the Giraffe prospect where drilling will commence in late December. This well will also appraise some of the upside potential of the Buffalo discovery.

Tullow has interests in three licences in the Lake Albert Rift Basin in Uganda. Tullow operates Block 2 with a 100% interest and has a 50% interest in Blocks 1 and 3A which are operated by Heritage Oil (50%).

Commenting today, Aidan Heavey, Chief Executive, said:

'The discovery of another material oil field at Buffalo in the highly prospective Victoria Nile Delta play has maintained our 100% success record in the Lake Albert Rift Basin. With many prospects still to drill in the Butiaba region and across the basin, we are now certain that the commercial threshold for development should be exceeded and have assigned a dedicated team to deliver a commercial development plan for the overall basin. 2009 promises to be a landmark year for Tullow, Heritage and the Ugandan government as we work together to realise the potential of the region.'

FOR FURTHER INFORMATION CONTACT:

Tullow Oil plc  ([phone]) Aidan Heavey Angus McCoss 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 area 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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