Congo (Brazzaville) Operations and Licences

Operations

In Congo (Brazzaville) Tullow holds an 11% interest in one onshore production licence which covers the M'Boundi field.

Development work is continuing on the field and the infill drilling programme has been accelerated by the arrival of a fifth rig.  By December 2007 97 wells had been drilled in the field 49 of which are on stream. Average 2007 gross production from the field is 46,500 bopd.

Water injection into the field commenced in January 2007 and the development focus is now firmly on water injection, in order to preserve reservoir energy and improve ultimate oil recovery.

Twelve water injection wells were drilled in 2007. Injection rates are currently averaging over 10,000 bwpd and are expected to increase to 40,000 bwpd in 2008 as further drilling and commissioning work continues.

The M'Boundi crude continues to be blended and sold as part of the N'Kossa blend, which has been trading close to parity with Brent.

On 31 January 2008 Tullow announced that it has agreed the sale of its 11% interest in the M'Boundi field to the Korea National Oil Company (KNOC) for a total cash consideration of $435 million.  The deal is subject to approval from the government of Congo (Brazzaville).

For further details refer to Press Releases in the Media Section of the website.

Licences

Licence	Fields	Area Sq Km	Tullow Interest	Operator	Other Partners
M'Boundi	M'Boundi	146	11.00%	ENI	Burren, SNPC, Jabbour