Tullow Issues Update on Schooner-Ketch Redevelopment
Tullow Oil plc (Tullow) announces that the NW Schooner appraisal well tested at a rate of 7.5 mmscfd and that Ketch-7 has been brought on stream and is currently producing at 50 mmscfd.
NW SCHOONER APPRAISAL WELL (Tullow 90.35%)
The NW Schooner appraisal well, targeting an extension of the main Schooner field, encountered gas bearing reservoir zones that have now been tested. The well flowed at a rate of 7.5 mmscfd from the Ketch reservoir sands with a depleted pressure of 2,250 psi, significantly below expectations and indicating that this area is in communication with the main Schooner field.
The well has been suspended to consider the implication of these results and to further evaluate the options for this region of the field. There are no immediate plans to tie back this well to the Schooner platform. The Borgsten Dolphin rig has now moved off location.
KETCH-7 BROUGHT ON PRODUCTION (Tullow 100%)
The Ketch-7 well, the second Schooner-Ketch redevelopment well, tested at a rate of 45 mmscfd and was brought on stream on 8 October 2006. The well has been producing at an average rate of over 50 mmscfd for the last month and has increased the Schooner and Ketch production capability to over 100 mmscfd.
The second Ketch development well, Ketch-8, is currently drilling at a measured depth of 16,400 feet. The forward plan is to drill the 3,000 foot horizontal reservoir section and bring the well on production in January 2007.
Commenting today, Aidan Heavey, Chief Executive said:
"We are pleased with the overall progress of the Schooner & Ketch redevelopment program despite the disappointing NW Schooner outcome. Since we acquired the assets in 2005, production has trebled, uptime has improved significantly and gas prices have strengthened. We expect the ongoing work program to add materially to current production rates."
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 across 17 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 and the Thames/Hewett areas and operates over 60% of its production.
In Africa, Tullow has exploration and production in Gabon, Côte 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, Congo (DRC), Madagascar, Angola and Ghana.
In South Asia, Tullow has exploration and production in Pakistan and Bangladesh and high impact exploration activities in India.
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