The K4 discovery lies five kilometers to the southeast of last year's Kelvin (K3) gas discovery. Any future development of K4 will most likely be via the Kelvin development which is expected to be developed by a minimum-facilities platform with a pipeline to the central CMS hub at Murdoch.
The success of K4 also provides further encouragement for the remaining exploration potential of this area.
The K4 joint venture partners are Tullow Oil plc (22.5%), ConocoPhillips (U.K.) Limited (50%) and GDF Britain Limited (27.5%).
EQUATORIAL GUINEA - BANYAN EXPLORATION WELL (Tullow 10%)
The deep water Banyan exploration well in Block L offshore Equatorial Guinea, targeting the Campanian reservoir, commenced drilling on May 5 and reached a total depth of 4,076m but did not encounter hydrocarbons. Following a farmout in 2005, Tullow was substantially carried for the costs of this well.
Commenting today, Aidan Heavey, Chief Executive of Tullow said:
"The K4 discovery marks Tullow's seventh consecutive gas discovery in the CMS area since 2001. This achievement demonstrates the strength of our UK exploration portfolio and the quality of our technical team who have upgraded a previously under-explored geological play in the CMS area with potentially significant implications for future exploration in the region."
Tullow is a leading independent oil & gas, exploration and production group, quoted on the London and Irish Stock Exchanges (symbol: TLW) and is a constituent of the FTSE 250 Index. The Group has interests in approximately 90 exploration and production licenses in 15 countries and focuses on three core areas: NW Europe, Africa and South Asia.
Tullow's NW Europe interests are primarily focused on gas in the UK Southern North Sea where it has significant interests in the Caister-Murdoch System (CMS) and the Thames/Hewett areas and operates over 60% of its production.
In Africa, Tullow has exploration and production in Gabon, Cote d'Ivoire, Congo (Brazzaville) and Equatorial Guinea and a large gas field development and appraisal program in Namibia. Tullow also has exploration programs in Mauritania, Senegal, Cameroon, Uganda, Madagascar and Angola.
In South Asia, Tullow has exploration and production in Pakistan and Bangladesh and high impact exploration activities in India.
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