Tullow Acquires Stake in Gryphon Marin Permit Offshore Gabon

Gryphon Marin Permit, Gabon
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Tullow Oil's subsidiary, Energy Africa Gabon SA (EAGSA) has entered into a participation agreement with Forest Oil Gryphon Marin B.V. to earn a 15% working interest in the Gryphon Marin permit in the southern Gabon offshore. This working interest is additional to EAGSA's existing option on a 10% participation in the event of a commercial development. Partners in the license are Forest (40%, Operator), PetroSA (25%) and Paladin (20%).

The Gryphon Marin Permit is located in shallow water and covers an area of 9,764 square kilometers. The exploration program will include reprocessing of existing 3D seismic data, acquisition of additional 3D data and the drilling of an exploration well in 2005.

The acquisition of the 15% interest is subject to the approval of the Gabonese authorities.

Aidan Heavey, Chief Executive of Tullow Oil said

"The interest acquired in the Gryphon Marin Permit adds to our exploration portfolio in Gabon. We believe Gabon offers significant growth opportunities for Tullow and look forward to working with the partner group to realise the potential for commercial oil accumulations in the permit."

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