Tullow to Acquire 15% Stake in Block 24 Offshore Angola

Tullow Oil has concluded a farm-in agreement with Ocean Angola Corporation, a subsidiary of Devon Energy, to assume a 15% interest in Block 24 offshore Angola.

Block 24 is located in the Southern Kwanza Basin and is operated by Devon Energy. The Block is situated immediately to the west of Block 10, where Tullow also has a 15% interest and recently participated in two wells.

Block 24 is situated in water depths of between 750 and 1,600 metres and is covered by good quality 3D seismic. Following on from the recent wells drilled in Block 10, the Kabetula-1 prospect was selected for drilling and was spudded on December 22nd.

The Kabetula-1 prospect, situated close to the northern and eastern boundaries of the block, tested a Lower Miocene objective. The well reached its total depth of 1,818 meters on December 30th but failed to discover hydrocarbons and is consequently being plugged and abandoned.

Commenting today, Aidan Heavey, Chief Executive of Tullow said:

'The recent exploration wells on Blocks 10 and 24 demonstrate the high risk nature of exploration in the Southern Kwanza Basin. However, the entry into these large Blocks, which are likely to yield further high impact prospects, is part of a long term commitment by Tullow to building a business in Angola. Tullow is currently in an active phase of drilling and over the next 12 months will participate in over 20 exploration wells worldwide'.

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 and the Thames/Hewett areas and operates over 60% of its production.

In Africa, Tullow has production and exploration in Gabon, Cote d'Ivoire, Congo (Brazzaville) and Equatorial Guinea. Tullow also has exploration programmes in Morocco, Mauritania, Senegal, Cameroon, Uganda and Angola.

In South Asia, Tullow has production and exploration interests in Pakistan and exploration activities in India and Bangladesh.

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