18 Dec 2013

Paon-2A well result offshore Côte d’Ivoire

Tullow Oil plc (Tullow) announces that the Paon-2A appraisal well in the CI-103 licence offshore Côte d’Ivoire has determined the down-dip extent of the Paon oil accumulation. The well encountered the water below the oil accumulation discovered at the Paon-1X well and pressure logging has located the likely oil water contact.
To minimise the number of appraisal wells, Paon-2A was located 15km south west and approximately 370 metres down-dip of the Autruche light oil discovery made by the Paon-1X well in 2012. The well encountered Upper Cretaceous reservoir sandstones which were water bearing at this location. Pressure data from the Autruche age reservoirs intersected in Paon-2A indicate that the Autruche oil accumulation between this well and Paon-1X has a hydrocarbon column of at least 230 metres.
Following completion of logging operations the well will be plugged and abandoned. The Seadrill West Leo dynamically positioned semi-submersible drilled Paon-2A to a final depth of 5,380 metres in water depths of 2,366 metres.
Tullow (15% plus a 15% carried interest) operates the CI-103 licence and is partnered by Anadarko Petroleum (55%) and the Societé Nationale d’Opérations Pétrolières de Côte D’Ivoire (Petroci) (5% plus a 10% carried interest).

Angus McCoss, Exploration Director, Tullow Oil plc commented today,

“The Paon-2A well has efficiently identified the likely depth of the oil water contact and we are reviewing the resource range and our future monetisation options. The well did not encounter oil at this location, reducing the upside volume potential associated with the Autruche field. However, including the up-dip potential above Paon-1X, the total hydrocarbon column of the field is inferred to be up to 700 metres.

For further information contact:

Tullow Oil plc

(+44 20 3249 9000)

Chris Perry

Investor Relations

James Arnold

Investor Relations

George Cazenove

Media Relations

Citigate Dewe Rogerson

(+44 20 7638 9571)

Martin Jackson

Priscilla Garcia

Murray Consultants

(+353 1 498 0300)

Joe Murray

Ed Micheau

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