Tullow Increases Interest in Horne & Wren Fields

Tullow has completed a series of transactions concerning its interest in the UK Horne and Wren fields. Having increased its interest in the fields to 100%, Tullow subsequently divested 50% to GB Gas Holdings Limited (an affiliate of Centrica plc).

Tullow obtained its initial 9% interest in these fields as part of an acquisition from ARCO/BP in 2001 and has increased its interest to 50% through a series of transactions with BP, Enterprise Oil Limited and Enterprise Oil Exploration Limited (affiliates of Shell U.K. Limited) and GB Gas Holdings Limited. The Horne and Wren fields, located in offshore UK Blocks 53/3c & 53/4b, will be developed utilising an unmanned platform with export planned via the Thames Offshore Infrastructure (Tullow 66.7%) and onshore Bacton Terminal (Tullow 38.8%). Final DTI approval is imminent and first gas is anticipated in the second quarter of 2005.

In addition, agreements have now been executed for the transportation, processing and redelivery of production from the Arthur Field (70% Mobil North Sea Limited, 30% EOG Resources United Kingdom Limited) via the Thames Offshore Infrastructure and onshore Bacton Terminal. The Arthur field, located in Block 53/2, was discovered by Mobil North Sea Limited in November 2003 and first gas production is currently anticipated by year end.

The combined production from the Horne & Wren and Arthur fields is expected to increase the Thames Offshore Infrastructure throughput by over 150 mmscfd with further increases anticipated.

Aidan Heavey, Tullow's Chief Executive commented:

"In the aftermath of the Energy Africa deal, the Horne & Wren development and the Arthur third party business represent a further important milestone for Tullow as it heralds a new phase for the Thames-Bacton infrastructure. This offers an opportunity to prolong the useful life of these assets and their satellite fields for the benefit of all the stakeholders."
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