Tullow Makes Discovery Offshore Cote D'Ivoire

Tullow Oil has made an oil discovery on the Acajou prospect in Côte d'Ivoire, confirming the hydrocarbon potential of the area, southeast of the Espoir field. The well on license CI-26 was drilled on the Acajou South prospect approximately 24 kilometers off the coast of Côte d'Ivoire in a water depth of 3,050ft. The well is located some 9 kilometers from the Espoir facilities.

Well Acajou-1x was operated by Canadian Natural Resources using the Trancocean Inc.'s semisub, Sovereign Explorer. Sovereign Explorer It reached a total depth of 8,027 feet and encountered a gross oil column of over 250 feet. A 45ft interval of sands at the top of the oil column was tested at an average rate of 3,500 bopd oil. The oil was of good quality 33 º API, similar to that found in the Espoir field.

Brian O'Cathain, Managing Director of Tullow Oil International Ltd., commented, "We are pleased with the success of this exploration well, as it underlines the potential of the Acajou area. The test rate is encouraging for the economic development of the discovery. The well also encountered a significant sand section below the oil water contact, which holds potential in the northern part of the structure. The Acajou co-venturers will now evaluate the most effective method to bring this potentially commercial discovery into development".

Tullow has a 24.0% interest in the Acajou discovery, with co-venturers CNR and Petroci holding 66.0% and 10.0% respectively.

Elsewhere on license CI-26, Tullow has announced that the build up of production in the Espoir field is progressing according to plan. Well EP-4 has been completed, and the perforation of the upper reservoir in wells EP-1, 2 and 3 is well underway. Brian O'Cathain added "We are confident of meeting our target of 25,000 bopd gross oil production by end Q2, 2003. The Espoir Field and CI-26 License constitute a key value creation area for Tullow and we look forward to further active exploration, appraisal and development in this exciting region".