Sale Of 10 CMS Blocks
Tullow Oil PLC
03 April 2008
News release
Sale of 10 CMS Area blocks to Venture Production plc
3 April 2008 - Tullow Oil plc (Tullow) announces that it has agreed the sale of
its interests in 10 CMS Area blocks to Venture Production plc for a total cash
consideration of £35 million. Most of the blocks lie in the western CMS Area and
include six undeveloped discoveries and two pure exploration blocks. Any future
developments on these 10 blocks are likely to pass through the CMS
infrastructure thereby generating additional tariff income for Tullow.
The sale is part of an ongoing process of portfolio management which will enable
the Group to allocate capital to more material exploration, appraisal and
development projects within its global portfolio. Tullow remains committed to
the Southern Gas Basin and will continue to invest in the CMS Area, in both
producing fields and new developments such as K4 and Harrison. Tullow is also
extending its exploration efforts to focus on the more material Carboniferous
prospectivity identified in the adjacent Dutch sector, using the expertise
developed in the CMS area.
The deal, which is subject to partner approvals, is expected to complete by the
end of May 2008.
Blocks Discovery Equity
44/11a & 44/12a Cygnus 35%
44/16a Humphrey 35%
43/25a Opal 30%
44/27a Garnet 31.66%
44/16c Kepler 35%
44/16b Copernicus 35%
44/21e Exploration 100% (op)
48/3a & 48/4 Exploration 25% (op)
For further information contact:
Tullow Oil plc Citigate Dewe Rogerson Murray Consultants
(+44 20 8996 1000) (+44 20 7638 9571) (+353 1 498 0300)
Tom Hickey Martin Jackson Joe Murray
Chris Perry George Cazenove
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 100
exploration and production licences across 22 countries and focuses on four core
areas: Europe, Africa, South Asia and South America.
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.
In Africa, Tullow has production in Gabon, Cote d'Ivoire, Mauritania and
Equatorial Guinea and two large appraisal and development programmes in Ghana
and Uganda. The Company also has exploration interests in Mauritania, Gabon,
Cote d'Ivoire, Senegal, Congo (DRC), Tanzania, Madagascar, Namibia and Angola.
In South Asia, Tullow has exploration and production in Pakistan and Bangladesh
and high impact exploration activities in India.
In South America Tullow has high impact exploration interests in Trinidad and
Tobago, French Guiana and Suriname.
For further information please refer to our website at www.tullowoil.com
This information is provided by RNS
The company news service from the London Stock Exchange
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