• The sale of the M’Boundi field in Congo (Brazzaville) for a total cash consideration of US$435 million was announced in January 2008, with a substantial profit expected in 2008;
• A 2010 first oil date is targeted for the Jubilee field with Tullow as field Operator. The 2008 five-well appraisal programme is under way and the Eirik Raude rig has been contracted for up to five years;
• The Jubilee and Odum discoveries in Ghana have opened up new geological plays in the region and at least two exploration wells each targeting prospects with 500 million barrel upside potential are planned in the next year; and
• A major drilling campaign in the Butiaba area of the Lake Albert Rift Basin is scheduled to commence in April 2008, targeting overall reserve potential in excess of a billion barrels.

2008 Outlook
Our key priorities for 2008 are to appraise both the Jubilee field in Ghana and the Lake Albert Rift Basin in Uganda, while also testing the significant exploration potential of our wider portfolio. Tullow has the capability to grow substantially in the coming years and I believe we have the strategy, the assets and the team to achieve this. The outlook for 2008 and beyond is extremely promising.