Tullow Oil provides operational update

Tullow Oil plc, one of Europe’s largest independent Exploration and Production companies with operations in Europe, Africa, South Asia and South America, provides operational update of recent production, development and exploration activities.

The company said that Mahogany-2 appraisal well on the Jubilee field in Ghana extends upside potential to 1.8 billion barrels.

Jubilee and Odum have proved two new plays and de-risked substantial follow-up prospects scheduled for drilling in Ghana and Côte d’Ivoire within the next year.

The company claims that the Kingfisher-2 well in Uganda intersects zones encountered in Kingfisher-1, deep target results expected in August.

Ugandan Butiaba campaign yields three more discoveries and opens up a new geological fairway.

In India, the company commenced the four-well drilling campaign in Block CB-ON/1 in late June.

Aidan Heavey, Chief Executive, said Tullow has performed exceptionally well over the first half of 2008.

We have had solid production performance, outstanding appraisal results in Ghana, continued exploration success in Uganda and announced almost $1 billion worth of non-core disposals to enhance our financial and operational flexibility, he added.

These factors, combined with the unprecedented strength in oil and gas pricing and our ongoing exploration programmes, mean that Tullow has never been in a better position to enhance shareholder value, concluded Mr. Heavey.