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Released: 08/07/2009
com:20090708:RnsH2977V
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RNS Number : 2977V
Tullow Oil PLC
08 July 2009
TRADING STATEMENT AND OPERATIONAL UPDATE
Jubilee Phase 1 development remains on track for first oil in the second half of
2010
Continued exploration success in 2009 - seven discoveries from eight wells
8 July 2009 - Tullow Oil plc (Tullow) issues this Trading Statement in respect
of the first half of the 2009 financial year ended 30 June 2009. This is in
advance of the Group's Half-Yearly Results, which are scheduled for release on
Wednesday 26 August 2009. The Operational Update is in respect of recent
Production, Development and Exploration activities. The information contained
herein has not been audited and is subject to further review.
HIGHLIGHTS
Ghana and Equatorial Atlantic Activities
* Jubilee Phase 1 Plan of Development finalised with the Government of Ghana
for formal approval. Development drilling, FPSO conversion and subsea facilities
fabrication all on track for 2010 first oil.
* Tweneboa-1 makes a significant discovery, extending the Jubilee play
westwards.
* Fivepotentially transformational exploration and appraisal wells
scheduledfor2H 2009; Mahogany-4, Mahogany-Deep-2, Tweneboa-2 and Teak-1 in Ghana
and South Grand Lahou in Cote d'Ivoire.
* Farm-in offers received for French Guiana acreage. New 3D seismic surveys
reveal large leads offshore Guyana and Liberia.A further two licences are being
acquired elsewhere in Liberian Basin.
Uganda Operations
* Current activities are focused on development planning and commercialisation.
Detailed evaluation of short-term fuel supply for local power and options for
full-scale refining and exporthas commenced.
* Wahrindi-1 finds oil, extending the Victoria Nile Delta play.New leading edge
gravity-seismictechnologies are being applied to fully explore and develop this
multi-billion barrel basin.
* Ngassa-2 drilling operations are ongoing and oil shows have been encountered.
Total Depth is expected to be reached in August.
Group Operations and Financials
* Group working interest production averaged 59,000 boepd for the first half of
2009 and is expected to average approximately 58,000 boepd for the full year.
* First half capital expenditure of £425 million with forecast 2009 expenditure
of £700 million.
* Net debt at 30 June 2009 was approximately £435 million.
COMMENTING TODAY, AIDAN HEAVEY, CHIEF EXECUTIVE SAID:
"In the first half of 2009, Tullow has focused on the exploration, appraisal and
development of the Group's two major growth projects in Ghana and Uganda. This
has resulted in significant resource additions in Uganda and the discovery of
the potentially transformational Tweneboa field in Ghana. In addition, we have
made excellent progress with the Phase 1 development of the Jubilee field and I
am delighted to report that this has culminated in the finalisation of the
Development Plan with the Ghanaian Government.
"It promises to be an exciting second half of the year with high-impact
exploration and appraisal wells in Ghana and Cote d'Ivoire, the result of the
significant Ngassa-2 well in Uganda and the development of commercialisation
options for the substantial Ugandan resource base. The outlook for Tullow
remains very positive."
Conference Calls: In conjunction with this announcement Tullow has scheduled two
conference calls. Details are included at the end of the release.
Trading statement
Production
Group working interest production for the first half of 2009 averaged 59,000
boepd, 16% lower than the 1H 2008 average. A further breakdown of these figures
is provided in the Operational Update. Production figures in this update remain
subject to final reconciliation and do not equate to sales volumes which
averaged 53,500 boepd in the first half of 2009. This is due to variations in
lifting schedules and because a portion of the production is delivered to host
governments under the terms of Production Sharing Contracts.
Group working interest production for 2009 is now expected to average 58,000
boepd. The forecast has been impacted by mixed results from infill wells in the
UK, partly offset by higher production in Africa.
Realised prices and oil discount
Realised commodity prices during the first half of 2009 were significantly below
the 2008 levels. Realised oil price was approximately US$53/bbl (1H
2008:US$80/bbl) and realised UK gas price was approximately 43p/therm (1H
2008:52p/therm).
The Group's oil production sold at an average discount of approximately 2% to
Brent during the first half of 2009, and this level of discount is expected to
continue for the remainder of 2009.
Total revenue for the first half of 2009 is expected to be approximately £290
million, compared with £378 million in the first half of 2008. The reduction is
due to the lower sales volumes and most significantly the reduction in realised
commodity prices during the first half of 2009.
Asset impairments
In respect of producing assets, Tullow expects to record an impairment charge to
cost of sales of approximately £12 million in relation to the Bure North well in
the UK which encountered depleted gas sands during the period.
Underlift
At 30 June 2009, Tullow was in a net underlift position amounting to an
estimated 17,000 barrels. Movements during the first half of 2009 in underlift
and overlift positions compared with 2008 are recorded at market value and,
combined with stock movements during the period, give rise to a charge of
approximately £8 million to cost of sales.
Exploration write-offs and asset value review
Tullow's exploration write-off for the first half of 2009 is expected to be of
the order of £15 million. This write-off is principally associated with new
ventures activity and licence relinquishments.
Derivative Instruments
At 30 June 2009 the Group's derivative instruments had a net positive
mark-to-market value of approximately £15 million. The movement in the
mark-to-market position during the first half of the year has been caused
principally by the strengthening of the oil price over the period.
While all the Group's commodity derivative instruments currently qualify for
hedge accounting, a pre-tax charge of approximately £8 million will be
recognised in the income statement for the first half of 2009. The charge is due
to Brent forward oil prices strengthening during the year, with a consequent
reduction in the time value of the derivative instruments for Tullow.
Commodity Hedging Summary
At 30 June 2009 the Group's hedge position to the end of 2011 was as follows:
Hedge Position 2009 2010 2011
Oil Hedges
Volume - bopd 17,500 (13,500*) 10,000 4,374
Current Price Hedge - US$/bbl 65.00 (75.61*) 79.81 81.08
Gas Hedges
Volume - mmscfd 49.3 19.0 3.7
Current Price Hedge - p/therm 49.49 50.67 59.24
*Oil hedges excluding an Energy Africa legacy position of 4,000 bopd at $29.30
until end 2009
Capital expenditure
Capital expenditure for the first half of 2009 amounted to £425 million and
capital expenditure for 2009 is now forecast to be £700 million. The increase in
full year expenditure forecast is due to additional exploration and appraisal
activities in Ghana and Uganda together with licence acquisitions in the
Liberian Basin and exploration drilling in Cote d'Ivoire.
Investment will be split 65% on production and development activities and the
remainder on exploration and appraisal. African activities will comprise 85% of
the anticipated 2009 capital expenditure.
Portfolio management
During the first half of 2009 Tullow completed the sale of the Chachar field in
Pakistan for US$7.5 million. In the second half of 2009, Tullow will continue to
seek to augment underlying cash flow through ongoing portfolio management and
careful control of discretionary capital expenditure.
Net debt
Net debt at 30 June 2009 was £435 million. Debt facility headroom is circa
US$750 million which includes US$600 million which will be released by the banks
following the formal approval of the Jubilee Phase 1 development and related
documents by the Government of Ghana.
Operational Update
AFRICA
Tullow's African interests are in Ghana, Cote d'Ivoire, Liberia, Uganda, Congo
(DRC), Equatorial Guinea, Gabon, Congo (Brazzaville), Mauritania, Namibia,
Senegal, Angola, Tanzania, and Madagascar.
Tullow's African portfolio has continued to perform strongly in the first half
of 2009. Significant discoveries have been made in both Ghana and Uganda and
excellent progress has been made on the Jubilee Phase 1 development project.
Production was in line with expectations averaging 38,500 boepd and the Group's
African production for the full year is expected to average 38,000 boepd.
Working interest production 1H 2009 Average (boepd) Current Production (boepd)
Equatorial Guinea 15,100 15,700
Gabon
Tchatamba 3,300 3,900
Niungo 3,600 3,500
Other Gabon 4,700 5,000
Cote d'Ivoire 5,000 5,400
Congo (Brazzaville) 4,400 4,200
Mauritania 2,400 1,900
Africa Total 38,500 39,600
Ghana and West African Equatorial Atlantic
Excellent progress continued to be made on Tullow's exploration, appraisal and
development programmes in Ghana in the first half of 2009.
Plan of Development Approval
The Jubilee Phase 1 Plan of Development has been finalised with the Government
of Ghana and is awaiting formal approval by the Minister for Energy.
The significant volumes of gas associated with the Jubilee oil field will be
utilised both for export to the local market and improved oil recovery via gas
injection, thereby avoiding flaring. The Jubilee field partners have recognised
the strategic importance of local gas sales to the Ghanaian economy and have
agreed to supply the first 200 bcf of gas to the Ghana National Petroleum
Corporation (GNPC) at zero cost to assist in funding the necessary gas
infrastructure. Gas volumes above this will be subject to gas sales agreements
and will utilise the new strategic infrastructure owned and installed by GNPC.
While Jubilee field partners are working together with GNPC to ensure earliest
possible first gas export, the FPSO will have the capability of injecting 100%
of produced gas to avoid any delay to first oil.
Jubilee field Phase 1 development
The Jubilee Phase 1 development project continues to progress towards scheduled
first oil in the second half of 2010. Five development wells have been drilled,
successfully encountering anticipated reservoir thickness and quality and a
further four have been batch-drilled to an intermediate depth before drilling to
total depth later this year. Two development wells have been flow tested at
rates of 16,500 and 21,000 bopd respectively. Whilst these tests were limited by
test equipment capacity it is anticipated that the fully completed development
wells will flow at rates of around 25,000 bopd. Pressure data was acquired
during the well tests from neighbouring wells and demonstrated good reservoir
connectivity across the field.
The construction of the FPSO and topsides modules in South-East Asia is
progressing to plan with the FPSO expected to arrive in Ghana for hook up and
commissioning in the second quarter of 2010. The fabrication of the subsea
equipment in Europe and the USA is well under way with installation expected to
commence in the first quarter of 2010, lasting approximately six months.
Exploration and Appraisal activity
The Tweneboa-1 exploration well in the Deep Water Tano block (Tullow 49.95%) was
completed in March and encountered 21 metres of light hydrocarbon bearing
sandstones, a deeper independent four metre oil zone and an over-pressured zone
at total depth. The light hydrocarbon accumulation, with P50 oil and gas
potential of 250 million boe and upside potential of 1.4 billion boe, is
scheduled to be appraised with the Tweneboa-2 well in September.
The eastern extension of the Jubilee field is due to be appraised with two wells
in the second half of 2009. The Mahogany-4 well is expected to commence mid-July
and the Mahogany Deep-2 well in the fourth quarter of 2009. These wells are
targeting reservoir potential to the east and below the main Jubilee Field with
the aim of better defining the resource range of 600 mmbo (P90) - 1,200 mmbo
(P50) - 1,800 mmbo (P10). 3D seismic data over the Jubilee and Odum discoveries
is currently being processed and interpreted to further improve the image of the
subsurface, to enhance the surrounding prospectivity and to optimise the
location of the high-impact Teak exploration well (Tullow 22.9%) which is
scheduled to commence drilling in the fourth quarter of 2009.
Jubilee play extension into Cote d'Ivoire and the Liberian Basin
The offshore areas of Ghana, Cote d'Ivoire, and the Liberian Basin are
geologically analogous to each other and form the West African part of the
Equatorial Atlantic region. Tullow continues to capitalise on the knowledge
gained from the Jubilee and Tweneboa discoveries in Ghana and to build a strong
acreage position throughout this area where Jubilee-type opportunities have been
identified.
Following the interpretation of a recently reprocessed 3D seismic survey in
block CI-105 (Tullow 22.5%) offshore Cote d'Ivoire, a very significant
Jubilee-type fan system has been identified. This material prospect, South Grand
Lahou, is expected to be drilled in the third quarter of 2009.
Elsewhere in Cote d'Ivoire, a partial farmout of the Tullow operated block
CI-103, reducing equity from 85% to 45%, has been concluded in advance of future
exploration drilling campaigns. 3D seismic processing and reprocessing has been
completed across blocks CI-103 and CI-102 (Tullow 31.5%) and interpretation of
the extensive Cretaceous turbidite channels and fans, analogous to the Jubilee
discovery in Ghana, is nearing completion.
After the interpretation of a 2D seismic survey offshore Liberia, Tullow secured
a 25% interest in contiguous blocks LB-15, LB-16 and LB-17 in January.
Acquisition of a 6,000 sq km 3D survey was completed in May and is now being
interpreted with encouraging early indications. A further two blocks elsewhere
in the Liberian Basin are currently being acquired.
Uganda
Since January 2006, Tullow has drilled 25 wells in the Lake Albert Rift Basin
with 24 encountering hydrocarbons, proving up in excess of 700 million barrels
of resources and comfortably exceeding the commercial threshold for development.
This has established Lake Albert as a significant oil province and Uganda as a
significant potential oil producer. Tullow now has a good understanding of the
resource distribution across the basin, particularly in the Butiaba region where
a high exploration well density and detailed gravity imaging has significantly
de-risked the remaining prospectivity.
In parallel with the ongoing drilling of the high-impact Ngassa-2 well, Tullow
is now focusing its attention on detailed development planning and integration
of all technical data into a comprehensively enhanced basin model. It has
therefore been decided to suspend exploration drilling with the OGEC 750 land
rig in Block 2 following the Ngara-1 well and work closely with our partner,
Heritage Oil, on drilling options in Block 1, which will be considered later
this year.
Butiaba campaign - Blocks 1 & 2 (Tullow 50% and 100%)
The exploration campaign in the Butiaba area in the north of the basin has been
highly successful. Over 400 million barrels of resources have been proven in the
prolific Victoria Nile Delta play which has been tested with ten independent
exploration wells, two of which have been flow tested demonstrating excellent
productivity.
Over the last few months Tullow has acquired a 3,000 sq km Full Tensor Gravity
Gradiometry (FTG) survey in the Butiaba region and is now developing and
applying proprietary processing and interpretation methods to develop a high
resolution 3D model of the subsurface. The FTG survey utilises specialist
technology ideally suited for imaging the shallow reservoirs in Butiaba. This
survey has significantly enhanced our understanding of the regional geology,
further increased the prospectivity of the region and will prove invaluable for
locating future exploration, appraisal and development wells. The FTG was
acquired for only 5% of the cost of a similar sized 3D seismic survey.
Three Butiaba exploration wells have been drilled in the last three months. In
May, the high-risk Awaka-1 well was drilled at the eastern limit of the Victoria
Nile Delta play fairway encountering 96 metres of water-bearing sands. While the
well did not encounter hydrocarbons, it has opened up a potential new reservoir
fairway. The Kigogole-3 oil discovery was drilled in June encountering over 20
metres of pay in Kasamene-type reservoirs, further de-risking surrounding fault
blocks and adding approximately 30 million barrels to the resource base. The
Wahrindi-1 well, close to the shore of Lake Albert, has been drilled to a depth
of 1,058 metres and has encountered some four metres of net oil pay above a
likely oil water contact. Logging operations are ongoing after which the rig
will then move to drill the Ngara-1 well later in July.
The Ngara-1 well is expected to be the last in the current Butiaba Block 2
programme. The drilling and seismic data will now be integrated with the
recently acquired FTG and detailed consideration will be given to
commercialisation options before embarking on the next phase of exploration,
appraisal and development drilling in Block 2. We anticipate that drilling
activity in Butiaba Block 1 will commence during the fourth quarter of 2009 to
explore and appraise the material prospectivity around the Buffalo-Giraffe
field.
Near-shore Block 2 campaign (Tullow 100%)
The high-impact Ngassa-2 well commenced drilling on 25 March. The well has
reached a depth of 2,984 metres and has already encountered a few metres of oil
shows in thin sands at the top of the main target interval. Well operations have
however been delayed due to difficult hole conditions. The well is now being
sidetracked from a depth of 2,202 metres and Total Depth is now expected to be
reached in August.
Lake Albert Rift Basin Development
The commercial threshold for development has been exceeded with more than 700
million barrels of resources discovered and multi billion barrel upside
potential identified including major onshore and offshore prospects yet to be
drilled. An integrated project team is already in place and detailed
consideration is now being given to the basin development plan and longer term
drilling campaigns.
The first phase of development is expected to include long-term production
testing, which could start as early as 2010, to gather dynamic data from the
basin and supply oil and gas for local industry consumption and for power
generation. The scale and timing of subsequent phases of development are being
reviewed by the project team including the viability of local refining to supply
petroleum products for the region and the optimum routing and scale of exports
to international markets via a pipeline.
Congo (DRC)
Tullow continues to work closely with the government of Congo (DRC) regarding
the disputed award of two blocks on the Congo side of Lake Albert in 2006.
Tullow is confident of its title to the licence, the integrity of the award
process and expects the President of Congo to ratify the contract in the near
future.
Equatorial Guinea
In the first half of 2009, both the Ceiba and Okume Complex fields (Tullow
14.25%) performed above expectations, with combined gross production averaging
105,000 bopd. The development drilling campaign continues on the Okume Complex
where the addition of a prolific producer well coupled with a minor facilities
modification allowed record production of 81,000 bopd for several days. Gross
combined Ceiba and Okume complex production is expected to average approximately
100,000 bopd for 2009.
Gabon
Production from Gabon averaged 11,600 bopd net to Tullow during the first half
of the year. Tchatamba production (Tullow 25%) was impacted by power generation
issues in the first quarter of 2009 however this was offset by strong
performance from the Echira and Niungo fields (Tullow 40%) following successful
well workovers. Current Gabon production is approximately 12,400 bopd following
the addition of the first two Ebouri (Tullow 7.5%) development wells and is
expected to be maintained at this level. On the Azobe exploration block, 3D
seismic data is being reprocessed and the block reviewed in order to drill a
well in the first quarter next year. On the Kiarsseny block, the well obligation
has been swapped for a 1,000 sq km 3D seismic program that will be acquired
during the third quarter this year.
Cote d'Ivoire
Production performance from the East and West Espoir Fields (Tullow 21.33%) was
in line with expectations for the first half of 2009, averaging approximately
23,000 boepd (gross). Downtime is scheduled in the second half of the year for
the installation and commissioning of an upgrade to processing capacity on the
FPSO which is expected to increase gross production to 25,000 boepd.
Congo (Brazzaville)
Gross production from the M'Boundi field (Tullow 11%) averaged 40,450 bopd in
the first half of the year, slightly below expectations due to delays
experienced with new well tie-ins and the ramp up of water injection. Five rigs
are currently drilling production and injection wells targeting production in
excess of 50,000 bopd by year-end. Options to further enhance field recovery are
currently being tested and include reservoir fracturing and horizontal nfill
drilling which is planned for the second half of this year.
Mauritania
Gross production from the Chinguetti field (Tullow 19.01%) averaged
approximately 13,000 bopd for the first half of 2009. Production has declined in
line with expectations since the programme of well interventions and two infill
wells completed in 2008. The field and well performance continue to be regularly
monitored to examine the potential for further drilling and intervention
activities in the longer-term.
Work is ongoing to review the development options that would allow
commercialisation of the Banda gas field and other similar gas accumulations.
The development options are currently under discussion with the Mauritanian
Government to ensure that they meet both partner and government objectives.
Regional evaluation of the Mauritanian acreage is now complete and detailed
prospect specific mapping will be completed in 2009 to quantify the significant
new oil and gas potential of the basin ahead of future exploration drilling
campaigns.
Namibia
In conjunction with its upstream partners and Nampower and the Namibian
government, Tullow continues to explore the optimal technical and commercial
solutions for the development of the Kudu gas field, including both large scale
gas to power and Marine Compressed Natural Gas (CNG). The latter would involve a
smaller scale local gas to power scheme combined with direct gas export to the
West Coast region of South Africa.
Tanzania
Following the completion of prospect delineation Tullow anticipates that the
Mikindani-1 well will be drilled towards the end of the fourth quarter of 2009.
Angola
Reprocessing of 3D seismic data over new leads in Block 1/06 has been completed
and interpretation is underway. Full technical and commercial evaluation of the
Block will be completed during the third quarter of the year when the forward
work programme will be formulated.
REST OF THE WORLD
Tullow's other activities are located in Europe, South Asia and South America.
EUROPE
Tullow's producing interests in Europe lie in the Southern Gas Basin of the UK
North Sea. In addition Tullow has offshore exploration interests in the
Netherlands and Portugal.
UK
Working interest production(1) 1H 2009 Average (boepd) Current Production (boepd)
CMS Area 10,200 10,000
Thames Area 4,900 7,200
UK Total 15,100 17,200
(1) Includes condensate
In the first half of 2009, net production from the UK averaged 15,100 boepd with
the full year average anticipated to be around 15,000 boepd. This was lower than
expected due to mixed results from the recent Thames and CMS area infill wells.
Combined flow from the Tullow-operated Wissey field (Tullow 62.5%) and Horne and
Wren fields (Tullow 50%) commenced in May 2009, significantly boosting Thames
infrastructure throughput. The operated Schooner (Tullow 90.35%) and Ketch
(Tullow 100%) fields are performing above expectation. Technical work to
identify potential infill candidates on Ketch is ongoing with a two well
campaign being considered for 2010. Infill drilling on Boulton is continuing
with the B4 well which is close to completion. Development work continues on the
Harrison project (Tullow 22.25%) with project sanction expected by year-end.
Netherlands
Seismic reprocessing and geological studies are ongoing to refine the prospect
inventory in preparation for a potential future drilling campaign. Recent
results are very encouraging with prospectivity analogous to proven CMS gas
fields identified.
Portugal
Following the interpretation of over 5,000 kilometres of existing 2D together
with 3,000 kilometres of propriety 2D seismic successfully acquired by Tullow in
2008, a number of interesting high-risk leads have been identified. Tullow is
now seeking an additional partner to dilute its interest in advance of a
programme of 3D seismic in 2010.
SOUTH ASIA
In South Asia, Tullow has exploration, development and production interests in
Pakistan and Bangladesh.
Working interest production 1H 2009 Average (boepd) Current Production (boepd)
Bangladesh 4,900 5,000
Pakistan 500 100
South Asia Total 5,400 5,100
Bangladesh
The Bangora-3 well on the Tullow operated Bangora field (Tullow 30%) was
successfully worked over and tied back into the gas plant in June 2009,
maintaining production at 100 mmscfd. In addition, following the successful bid
for offshore block SS-08-05 it is anticipated that final notification of the
block award will be received soon.
Pakistan
The Group's Pakistan business has been restructured to focus solely on the
Group's existing high-impact exploration potential. This restructuring has
involved the sale of the Chachar field which completed in March and the sale
process of the Sara-Suri field is ongoing. Work on the remaining exploration
assets has involved geological field studies and seismic operations on the
Kalchas block (Tullow 30%) and a well on the Kohat East prospect in the Kohat
block (Tullow 40%) is scheduled to commence in September.
SOUTH AMERICA
In South America, Tullow has exploration interests in Guyana, Suriname and
French Guiana. Recent focus in South America has been on new venture
opportunities pursuing play types similar to the Jubilee field in Ghana across
the Atlantic.
Guyana
The 1,880 sq km 3D seismic survey on the Georgetown block (Tullow 30%) was
completed early in the first quarter of 2009 and is currently being processed
and interpreted for integration into the regional database. Efforts now
concentrate on maturing a number of large leads to prospect status.
French Guiana
Tullow has a 97.5% interest in the 35,000 square kilometre Guyane Maritime
licence offshore French Guiana. A number of Jubilee-type leads have been
identified in the south-eastern part of the block and a 3D seismic programme is
scheduled to commence in the fourth quarter of 2009. Tullow is currently in the
advanced stages of a farm down process and based on offers received expects to
dilute its equity in advance of the seismic campaign.
Suriname
The five well drilling programme on the onshore Uitkijk licence (Tullow 40%) was
completed in February and joint venture partners have obtained a six month
licence extension to allow for full evaluation of the data. A five well drilling
programme on the onshore Coronie Block (Tullow 40%) is scheduled to commence in
August.
SUMMARY OF PLANNED SECOND HALF 2009 EXPLORATION AND APPRAISAL ACTIVITY
Country Block Prospect Interest Spud Date
Uganda Block 1 Butiaba Campaign 50% Q4 2009
Uganda Block 2 Ngara-1 100% (op) July
Uganda Block 2 Ngassa-2 100% (op) In progress
Ghana Deep Water Tano Tweneboa-2 49.95% (op) September
Ghana WCTP Mahogany-4 22.9% July
Ghana WCTP Mahogany Deep-2 22.9% Q4 2009
Ghana WCTP Teak-1 22.9% Q4 2009
Cote d'Ivoire CI-105 South Grand Lahou 22.5% Q3 2009
Tanzania Lindi & Mtwara Mikindani 50% (op) Q4 2009
Suriname Coronie 5 well campaign 40% August
Pakistan Kohat Kohat East 40% September
Ends
CONFERENCE CALLS
Conference calls hosted by Aidan Heavey (Chief Executive), Paul McDade (Chief
Operating Officer), Angus McCoss (Exploration Director) and Ian Springett (Chief
Financial Officer) will be held today at 09:30 (BST) and at 15:00 (BST).
To access the calls please dial the appropriate number below shortly before the
call and ask for the Tullow Oil plc conference call. A replay facility will be
available three hours after the conference call until 14 July. The telephone
numbers and access codes are:
European Conference Call Replay Facility
UK Participants 020 7806 1953 UK Participants 020 7806 1970
Irish Participants 01 486 0922 Irish Participants 01 659 8321
Access Code 7454893#
U.S. Conference Call Replay Facility
Domestic Toll Free +1 877 941 8610 Domestic Toll Free +1 800 406 7325
Toll +1 480 629 9819 Toll +1 303 590 3030
Access Code 4114026 Access Code 4114026
FOR FURTHER INFORMATION CONTACT:
Tullow Oil plc Citigate Dewe Rogerson Murray Consultants
(+44 20 8996 1000) (+44 207 638 9571) (+353 1 498 0300)
Aidan Heavey Martin Jackson Joe Murray
Ian Springett George Cazenove Ed Micheau
Chris Perry
Disclaimer
This announcement contains certain operational and financial information in
relation to the first half of 2009 that is subject to final review and has not
been audited. Furthermore it contains certain forward-looking statements that
are subject to the usual risk factors and uncertainties associated with the oil
& gas exploration and production business. Whilst the Group believes the
expectations reflected herein to be reasonable, the actual outcome may be
materially different owing to factors either within or beyond the Group's
control, and accordingly no reliance may be placed on the figures contained in
such forward looking statements.
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
END
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