Tullow Oil Announces Two North Sea Transactions

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29 Oct 2002

Tullow Oil plc (“Tullow”), the independent oil and gas exploration, development and production company, announced today that its wholly owned subsidiary, Tullow Exploration Limited (“TEL”), has entered into two transactions, which significantly enhance Tullow’s acreage portfolio in the Southern North Sea Gas Basin. Completion of the acquisitions is conditional upon the receipt of the necessary consents of the Secretary of State for Trade and Industry.

Quadrant 44
TEL will acquire from GDF Britain Limited a 20% equity interest in Block 44/17b, where it is planned to drill a well on the “Monroe” Carboniferous prospect in the first half of 2003. TEL considers Monroe to have similar potential to Hawksley, one of the five Caister-Murdoch System (“CMS”) III satellite fields which are in close proximity to this prospect. TEL will have a pre-unitised equity interest of 15% in the Monroe prospect, which straddles an adjacent block held by TEL’s CMS III partners. In the event of a commercial discovery, the development could be tied back to the CMS infrastructure for early production.

Quadrants 47 and 48
TEL will acquire from Conoco (U.K.) Limited a 20% equity interest in five blocks or part blocks off the Lincolnshire coast: Blocks 47/19, 47/20, 47/24a, 47/25 and 48/16b. A well is scheduled for drilling on Block 48/16b in late 2002 to test the “Islay” prospect. The partnership is evaluating the need for additional seismic over the acreage. Completion of this acquisition is conditional upon completion of the Quadrant 44 transaction.
Commenting, Aidan Heavey, Chief Executive, Tullow, said: “We are extremely pleased with these transactions, which give us the opportunity to participate in two North Sea exploration drilling opportunities in the short term. This continues our North Sea strategy of expanding our existing core areas, where our infrastructure ownership offers major advantages for the early exploitation of any nearby discoveries.

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