This is in advance of the Group’s Half-Yearly Results, which are scheduled for release on Wednesday 31 July 2013. The information contained herein has not been audited and may be subject to further review.
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- New oil discovery at Etuko-1; Sabisa-1 sidetrack establishes oil prone system
- Significant upgrade to Ngamia and Twiga-South oil resources
- Government approval of TEN project; contract awards under way
COMMENTING TODAY, AIDAN HEAVEY, CHIEF EXECUTIVE SAID:
“Over the past two months, Tullow has made major progress in three key areas of its operations. In Kenya, we have significantly upgraded our resource estimates for the South Lokichar Basin following the highly successful flow testing of Ngamia and Twiga-South. Additionally in Kenya, Tullow has made a new discovery at Etuko-1. In Ghana, the Government has approved the plan of development for the TEN project, our second offshore project in the country. In Uganda, we have made substantial progress with our partners and the Government and expect to sign a Memorandum of Understanding which will outline the key principles for the development of the Lake Albert Basin development. We also continue to have an industry-leading exploration and appraisal programme with results from key frontier wells in Kenya, Ethiopia, French Guiana, Norway and Mauritania all expected in the second half of the year. With high-quality production continuing to underpin our financial position, we are well placed for the remainder of this year and into 2014.”