Tullow Oil provides Ghana update

Tuesday, February 12, 2013
  • In November 2012, the Company submitted a declaration of commerciality and plan of development ("PoD") over the Tweneboa, Enyenra, Ntomme ("TEN") discoveries on the Deepwater Tano Block offshore Ghana ("DT Block").
  • The Sapele-1 exploration well on the DT Block was spud in December 2012.

Tullow Oil plc notes three disclosures related to its Ghana operations made by Kosmos Energy ("Kosmos") in association with a secondary offering for Kosmos shares. Tullow will provide further updates in its 2012 financial results statement due to be issued on 13 February 2013.

Kosmos disclosures

"In November 2012, the Company submitted a declaration of commerciality and plan of development ("PoD") over the Tweneboa, Enyenra, Ntomme ("TEN") discoveries on the Deepwater Tano Block offshore Ghana ("DT Block"). The PoD for TEN plans for a flexible and expandable development, with an initial base capacity of 80,000 barrels of oil per day. The final development concept is subject to approval from the government of Ghana."

"The Sapele-1 exploration well on the DT Block was spud in December 2012. The well, which is targeting multiple Turonian-aged reservoirs, is being drilled in a water depth of approximately 1,840 meters. Drilling at the well has reached a depth of approximately 3,900 meters. The primary target encountered a high-quality water-bearing reservoir. Drilling operations at Sapele-1 are continuing to additional reservoir intervals, with total depth for the well planned to be approximately 4,100 meters. The well is expected to reach its total depth in the first quarter of 2013."

"In January 2013, the Company relinquished the discovery area associated with the Banda discovery on the West Cape Three Points ("WCTP") Block, as the Company does not consider this discovery to be commercially viable following additional seismic evaluation and interpretation."

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More

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