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In Kenya, we have significantly upgraded our resource estimates for the South Lokichar Basin following the highly successful flow testing of Ngamia and Twiga-South. Additionally in Kenya, Tullow has made a new discovery at Etuko-1. In Ghana, the Government has approved the plan of development for the TEN project, our second offshore project in the country.
Tullow Oil plc (Tullow) is pleased to announce that Tullow Uganda Limited, its Ugandan subsidiary, has received judgment in its favour in the proceedings against Heritage Oil and Gas Ltd and Heritage Oil Plc (together ‘Heritage’) in the High Court in London (Case No: 2011 Folio 471).
Tullow Oil plc (Tullow) through its subsidiary, Tullow Oil International Limited, has signed an agreement with KrisEnergy Asia Holdings BV, a subsidiary of KrisEnergy Asia Limited, for the sale of 100% of the share capital of Tullow Bangladesh Limited (TBL). The consideration is $42.35 million with an effective date of 1 January 2013.
Tullow Oil plc (“Tullow”) announces the completion of its acquisition of Spring Energy Norway AS (“Spring”) that was previously announced on 11 December 2012. Roar Tessem, Spring’s CEO, will be Managing Director of Tullow’s Norwegian companies and will have responsibility for Tullow’s assets offshore Norway and Greenland.
Acquisition of major oil exploration portfolio in Norway; Planned disposal of UK and Dutch gas assets
Tullow Oil plc (“Tullow”) announces today that it has entered into an agreement to acquire Spring Energy Norway AS (“Spring”), a Norwegian exploration company, for a purchase price of $372.3 million which will be adjusted for working capital. The purchase has an effective date of 1 September 2012. Tullow is also announcing today that it intends to begin a process to dispose of its exploration, development and production assets in the UK and Dutch Southern North Sea (“SNS”) gas basin.
Tullow Oil plc (Tullow) announces today that in Ghana, West Africa, Jubilee Phase 1A production has commenced and the Okure-1 exploration well has encountered low net to gross oil bearing reservoir in a secondary objective. In Guyana, South America, Tullow has let its interest in the Georgetown Licence expire.
Tullow Oil completes the farm-down of 66.6666% of its Ugandan licences.
Tullow Oil plc (Tullow) announces that it has farmed-down 30% of its interest in the 2,369 sq km deepwater Block 47 in Suriname to Statoil, subject to approval from Staatsolie Maatschappij Suriname, the state oil company of Suriname. Tullow will retain a 70% working interest and remain Operator of the block where a 2,000 sq km 3D seismic survey is to start imminently.
Tullow Oil plc (Tullow) is pleased to announce that new Production Sharing Contract (PSC) arrangements have been agreed with the Government of Mauritania and its Joint Venture partners. These arrangements will enable the Group to progress the appraisal and development of existing discoveries and pursue exploration in a new contract area covering 10,725 square kilometres with Tullow as operator.
Further to the announcement made on 26 May 2011 in relation to the conditional acquisition of the Ghanaian interests of EO Group Limited for $305 million, Tullow Oil plc (Tullow) is pleased to announce that all of the conditions to the acquisition were satisfied and the acquisition completed today.