Tullow Oil (Tullow) issued a trading statement concerning its financial year to Dec. 31, 2007 and an operational update concerning recent production, development and exploration activities. The trading statement is in advance of Tullow's full year results, which are scheduled for release on March 12, 2008. This information has not been audited and is subject to further review.
In 2007 Tullow drilled 16 exploration wells, nine of which discovered hydrocarbons.
World-class Jubilee field (formerly known as Mahogany and Hyedua) was discovered offshore Ghana in 2007. Accelerated appraisal of 1.3 billion barrel potential has commenced.
In the Ghana Exploration/Appraisal Campaign two rigs were contracted to drill up to seven wells. The first exploration well, Odum, commenced on Jan. 22.
The Ngassa well in Uganda is now expected to reach target depth in late March following operational and logistical delays.
The Uganda Butiaba multi-well program is to commence in March on the Taitai prospect.
Working interest production averaged 73,100 boepd for 2007, 13% higher than for the same period in 2006.
Jubilee field development studies are now under way to ensure earliest first production.
Significant progress was made toward Ugandan EPS sanction, targeting first oil in 2009.
Gross production from Equatorial Guinea assets exceeded 100,000 bopd for the first time on Jan. 17 2008.
Working interest production for Tullow is expected to average between 70,000 and 74,000 boepd in 2008.
"During 2007, Tullow experienced a transformational change in its business driven by exceptional exploration success and supported by strong oil and gas pricing," Aidan Heavey, Tullow chief executive said. "Our priority for 2008 is to appraise both the Jubilee field in Ghana and the Lake Albert Rift Basin in Uganda while also testing the significant exploration potential of our portfolio. Tullow has the potential to grow substantially over the coming years and I believe we have the team, the assets and the resources to achieve this."
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