Tullow Nearing Completion Of Thames Hewett Acquisition

Tullow Oil announced that it has completed a further stage of the purchase of the Thames Hewett Package. This is the second of two packages of Southern North Sea gas assets and related infrastructure which Tullow has purchased from BP following BP's takeover of ARCO in April 2000. The acquisition was first announced in July of last year.

This announcement refers to a total of nine licenses within the Thames Hewett Package, including the producing Gawain field and exploration licenses containing six undeveloped discoveries. The gas from the Gawain field is sold under a long-term contract to Powergen. Tullow will have a 50% interest in Gawain, while interests in the exploration licenses range from 15% to 80%.

The first portion of the Thames Hewett package, comprising the Thames, Hewett and Welland interests, was completed on March 30, 2001. Completion on the final license interest, which includes the producing Orwell field, is anticipated in the coming weeks, as final regulatory approvals are sought in relation to Tullow's assumption of the operatorship of the field from ARCO.