TULLOW: MAR-14-2012 Just scribbled down some notes down during the Tullow Q&A session earlier today. Note, the comments from Angus McCoss below - highlighted in yellow below.
Analyst, Credit Suisse: Upward revision on the Jaguar prospect in Guyana – why? Is the upward revision due to possible shallow maastrichtian targets being added to the prospect?
Angus McCoss, Tullow: Jaguar P-10 has gone up because the number should is presented as a “Jaguar Fan System” 1180mmboe vs. 700mmboe – not necessarily related to one well. Also, number has gone up due to the Zaedyus discovery as it de-risked the play somewhat.
Analyst, Jefferies: Possible rig issues with the Atwood Beacon presently drilling Jagaur-1? What depth are you at presently? Have you encountered any over-pressurized zones?
Paul McDade, Tullow: Heavily review done on the rig by Tullow. Tullow is also was Involved in the well design as well. Tullow is actively managing drilling the well – expected a range of different pressure regimes.
Angus McCoss, Tullow: Quality the Jaguar seismic is not as sharp as what we had with Zaedyus. However, you can still the outline of Jaguar and it is a material prospect. Due to the size of Jagaur – it’s definitely worth taking this risk.