Tullow Assumes Operatorship and Increases Interest in Hewett / Bacton, UK North Sea
2nd October 2003
Tullow Oil plc (Tullow), the independent international oil and gas exploration and production company, announces that its subsidiary, Tullow Oil UK Ltd, has assumed the Operatorship of the offshore Hewett gas field complex, the export pipelines and the associated onshore processing terminal at Bacton on the East Anglian coast.
Tullow has also increased its interest in these assets from 19.85% to 38.82% by acquiring the 18.97% interest held by ConocoPhillips Petroleum U.K. Limited, the former Operator.
Tullow first announced these transactions on 16 June 2003 with a target completion date of 1st October, which has now been achieved.
Petrofac Facilities Management Ltd will provide the day-to-day operational management and associated support services to the facilities on behalf of Tullow and will be the Duty Holder for the offshore Hewett field complex.
Aidan Heavey, Chief Executive of Tullow Oil, commented:
“Becoming Operator of the Hewett/Bacton North Sea gas complex will enable Tullow to deliver major operational cost savings and operating synergies. It is also our objective, in alliance with Petrofac, to significantly extend the producing life of the Hewett field.”
For further information contact:
Tullow Oil plc
Tel: +44 020 7333 6800
Aidan Heavey – Chief Executive
Tom Hickey – Finance Director
John Lander – Managing Director – Tullow Oil UK Ltd
www.tullowoil.com
Citigate Dewe Rogerson
Tel: +44 207 638 9571
Martin Jackson
NOTES TO EDITORS
Tullow Oil plc is one of the leading Independent International Oil and Gas Exploration and Production Companies in Europe. Tullow is quoted on the London and Irish stock exchanges (symbol TLW) and is a member of the FTSE 250 Index.
Strategy
Tullow’s strategy is to build strong and secure cash flow from low risk production acreage while applying discretionary funds to exploration areas with high potential. These activities will be undertaken in a manner that reflects a genuine concern for the environment and the health and safety of all personnel.
Production and Development Assets
Tullow Oil has interests in 58 exploration and production licences spread over three core areas – UK North Sea, West Africa and South Asia.
In the North Sea, Tullow’s principal interests are in the CMS and the Thames/Hewett group of licences and the operatorship of the Hewett/Bacton onshore gas processing terminal.
The Hewett / Bacton infrastructure comprises six offshore installations, three normally unmanned, and the others forming a central processing complex which exports gas to the Bacton terminal. The terminal also processes gas from other fields, including the Thames Area fields and their satellites, where Tullow has significant interests.
Co-venturers in Hewett/Bacton are now:
| Tullow Oil UK Ltd (Operator) | 38.82% |
| Eni UK Ltd | 18.81% |
| Eni LNS Ltd | 8.53% |
| Centrica Resources Ltd | 23.15% |
| Superior Oil (UK) Ltd | 10.69% |
The Espoir field in Côte d'Ivoire, West Africa, is Tullow's principal source of international production and is currently achieving a production level of over 26,000 boepd. Tullow also has licences in Cameroon and Gabon where an exploration programme is planned for early 2004.
In South Asia, Tullow has interests in Pakistan, Bangladesh and India. Gas is produced in Pakistan and an extensive drilling programme is scheduled to start shortly in Bangladesh.
For further information see www.tullowoil.com
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