MAY 16: TULLOW STATEMENT See below, link is also provided:
https://files.the-group.net/library/tullow/pdf/Tullow%20Oil%20plc%20-%2016%20May%202012%20IMS%20%28FINAL%291.pdf
SUMMARY:
16 May 2012 – Tullow Oil plc (Tullow) issues the following Interim Management Statement, for the period 1
January to 16 May 2012, in accordance with reporting requirements of the EU Transparency Directive. This
statement is issued in advance of the Group’s Annual General Meeting which is being held at Haberdashers’ Hall in London, at 12pm today. The Group will announce its half yearly Trading Statement and Operational Update on 4 July 2012. Half year results will be announced on 25 July 2012.
Tullow’s performance to date in the first half has been excellent. In Uganda, the Group completed the $2.9
billion farm down to CNOOC and Total, and is now progressing with exploration, appraisal and development activities. The Ngamia-1 well onshore Kenya has opened a new basin and de-risked significant prospectivity in the region. In Ghana, remedial work on the Jubilee production wells is progressing well, Jubilee Phase 1A development has commenced and the Plan of Development for the Tweneboa-Enyenra-Ntomme (TEN) project is expected to be submitted later this year. Further potential basin-opening exploration campaigns have also recently commenced in Guyana and Côte d’Ivoire. In addition, the Group remains on track to deliver total net production of 78,000 to 86,000 boepd for the full year.
South America
Following the basin-opening Zaedyus discovery in French Guiana in September 2011, a drillship has been
contracted by the joint venture to commence a comprehensive exploration and appraisal programme in June. The first well will appraise the discovery made by Zaedyus-1 and explore for deeper objectives, followed by an exploration wildcat well. Planning is also ongoing to acquire two large 3D seismic surveys; a 4,700 sq km Eastern Slope survey and a 620 sq km Cebus survey either side of the Cingulata fan system containing Zaedyus and other mapped turbidite fans.
Drilling of Jaguar-1 well in Guyana commenced in February 2012. Drilling has progressed as planned and is expected to complete in Q3 2012. In Block 47 in Suriname, a 3,000 sq km 3D programme is expected to
commence in May. In April, Tullow was awarded Block 15 in the offshore Uruguay licensing round. The block is 8,030 sq km and Tullow has committed to shoot a 300 sq km 3D seismic survey.
OUTLOOK
Tullow is continuing to deliver outstanding results from its high impact, exploration-led growth strategy. The Uganda farm-down and strong production performance give Tullow a firm financial foundation to carry out its extensive work programmes in Africa and the Atlantic margins. Tullow is confident that, having delivered industry-leading basin-opening exploration success already this year, and with key developments progressing well, the Group will deliver further significant growth in 2012.