Tullow Jubilant Over Mahogany-2 Results

Tullow Oil announces that the Mahogany-2 well, which is being drilled to appraise the Jubilee field offshore Ghana, has intersected a significant column of light oil. Results of drilling, wireline logs and samples of reservoir fluid, indicate that Jubilee is a single continuous stratigraphic trap extending at least 11km to the Hyedua-1 discovery well in the adjacent Deepwater Tano license.

Mahogany-2, which lies in the West Cape Three Points license, is the first appraisal well on the Jubilee field and is targeting the Turonian turbidite sandstones encountered in the Mahogany-1 and Hyedua-1 discovery wells. The well has encountered a gross reservoir interval of 243 meters, containing 63 meters of high quality stacked reservoir sandstones, and net hydrocarbon-bearing pay of 50 meters. Results of logging and pressure testing indicate that the combined hydrocarbon columns are in excess of 600 meters.

Analysis of the oil samples from the Mahogany-1 discovery well had suggested the potential for a gas cap at the Mahogany-2 location. No gas cap has however been encountered in this well thereby indicating the potential for the Jubilee field to extend further up-dip of this location.

A limited flow test will now commence on Mahogany-2 to determine potential production rates from these excellent quality reservoirs and to collect further oil samples for analysis. Testing is expected to take approximately four weeks and the well will then be suspended for use as a potential development well.

Mahogany-2 has been drilled to a total depth of 3,443 meters by the Songa Saturn drillship in water depths of 1,080 meters. Three more Jubilee appraisal wells are planned for 2008 and will be drilled by the Blackford Dolphin semi-submersible. The next Jubilee appraisal well, Hyedua-2, is expected to commence in July in the adjacent Deepwater Tano license in which Tullow has a 49.95% interest.

Tullow has a 22.9% interest in the West Cape Three Points license. Other partners include Kosmos Energy (Operator 30.875%), Anadarko Petroleum (30.875%), the E.O.Group (3.5%), Sabre Oil & Gas (1.854%) and the Ghana National Petroleum Corporation (GNPC) (10% carried interest). Tullow is the Unit Operator of the Jubilee field.

Commenting today, Aidan Heavey, Chief Executive of Tullow said:
"The confirmation that Mahogany-2 is in communication with both Mahogany-1 and Hyedua-1, reinforces our interpretation that Jubilee is a major discovery and is likely to lead to a material upgrade of current resource estimates. We will continue our appraisal and development program over the remainder of 2008 with the overall objective of achieving first production in 2010."

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