Tullow Expects High-Impact Well Results in May

Independent explorer Tullow Oil confirmed Wednesday that it expects well results from high-impact exploration campaigns in Kenya, Ethiopia and Norway in May.

Reporting a management update for the four months to April 30, Tullow said that its drilling success in northern Kenya had continued with a further two discoveries from three wells drilled during the period. The campaign in the basin has now delivered seven successful discoveries from eight wells drilled to date.

The firm also reported that its initial two-well exploration campaign offshore Mauritania has been concluded, with analysis of the results and integration of seismic data to be carried out before the next well locations and timings are confirmed.

Meanwhile, the Vincent discovery offshore Netherlands adds to Tullow’s Dutch portfolio.

Tullow said that its full-year net production guidance for 2014 remains at between 79,000 and 85,000 barrels of oil equivalent per day, with the Jubilee field offshore Ghana expected to deliver average gross production of 100,000 barrels of oil per day.

The firm added that the TEN development in Ghana is progressing well and on track to deliver first oil in mid-2016, while it has signed a memorandum of understanding with the Ugandan government for a commercialization plan for the Lake Albert development.

Tullow also announced that it has just entered into a farm-down agreement for the Schooner and Ketch gas fields in the UK zone of the North Sea with Faroe Petroleum, while the farm-down of the TEN project and further southern North Sea asset sales are ongoing. A sale of the firm’s Pakistan assets is expected to be completed over the coming months.

Tullow CEO Aidan Heavey commented in a company statement:

"We have made good progress across the business since the beginning of the year. Following the issue of our second senior note and the re-financing and expansion of our corporate revolving credit facility, the group is well funded with a strong balance sheet and cash flow to support exploration, development and production activities. Exploration success in Kenya has continued with the Amosing and Ewoi discoveries in January and development planning for oil production in Kenya and in Uganda is well under way.

"The TEN Project in Ghana remains on budget and on schedule for first oil in mid-2016 and the TEN farm-down process is ongoing. Progress with the sale of Tullow's southern North Sea gas assets has been made with a farm-down of the Schooner and Ketch fields agreed and conclusion of our Pakistan asset sale is expected in the coming months. With high-impact well results expected in the coming months from new and existing basins in Kenya, Ethiopia, Gabon and Norway, there is much to look forward for the remainder of the year and beyond."

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