HIGHLIGHTS

Exploration and Appraisal activities

• 74% exploration and appraisal success ratio in 2011; basin-opening Zaedyus discovery in French Guiana.
• New exploration partnering initiatives being pursued including a frontier exploration partnership with Shell in the Atlantic basin.
• Great progress on appraisal of Tweneboa-Enyenra-Ntomme (TEN) in Ghana; Ntomme-2A successfully encountered light oil in excellent quality sandstone reservoirs reinforcing the TEN resource base.
• Appraisal activities in Uganda in EA-1 have provided further valuable data; seismic campaign completed; important licence extensions received.
• Surveys in Kenya and Ethiopia completed; Ngamia-1 well in Kenya due to spud imminently.
• High-impact E&A programme consisting of approximately 40 wells planned for 2012.

Development and Operations activities

• Group working interest production averaged 78,200 boepd in 2011; production in 2012 is forecast to average between 78,000 and 86,000 boepd with an exit rate of over 90,000 boped expected.
• Gross Jubilee production is currently over 70,000 bopd and following a number of remedial activities is expected to average 70,000 to 90,000 bopd in 2012.
• Jubilee Phase 1A development plan now approved with drilling scheduled to commence in March 2012.
• TEN development Front End Engineering and Design (FEED) work is progressing in parallel with appraisal. Plan of Development to be submitted Q3 2012 with first oil expected c.30 months after approval.
• Tullow is finalising arrangements with the Ugandan Government to complete the $2.9 billion farmdown and commence basin development.

Group financials

• Record 2011 financial results expected; 2011 sales revenue of $2.3 billion forecast, over double 2010.
• 2011 full year capital expenditure of $1.4 billion.
• Forecast 2012 capital expenditure of $2.0 billion.
• Net debt at 31 December 2011 was approximately $2.8 billion.

COMMENTING TODAY, AIDAN HEAVEY, CHIEF EXECUTIVE SAID:
“Record revenues and cash flows from increased production and strong commodity prices combined with industry-leading exploration success underpin another very good year for Tullow in 2011. In 2012 we expect significant progress in Ghana and Uganda as we move forward with Jubilee well remediation and Phase 1A, TEN and the Lake Albert developments. We have an exciting exploration programme to open new basins, both onshore and offshore, and we hope to extend our reach in Africa and elsewhere along the Atlantic Margins with major new partnerships. There is much to look forward to in the year ahead.”

Conference Call: In conjunction with this announcement Tullow has scheduled a conference call at 09:00 today. Details are included at the end of the release.

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The post Tullow oil shows promising future in its 2011 end of year statement first appeared on Uganda Multimedia News & Information.

Singer Weasel TV nearly lost his life when he attempted to swim at hotel Africana in Kampala yet he has never stepped in even a basin of water.

Weasel had gone to African in company of his colleagues just to have fan and when the singer saw his pals swim he attempted to give it a try.

Unfortunately Weasel did not know that the swimming pool has got both a swallow and deep end.

He dived into the deeper end and he did not come on the surface for about a minute. At first his pals thought he was swimming under water until they realised that Weasel was knocking on the gates of death.

The water experts immediately jumped into the water and saved Weasel. Weasel looked helpless when he was removed from water. He took some few minutes before he could regain his conscious.

By Moureen Nakyanzi

The post Weasel nearly droned in pool first appeared on Uganda Multimedia News & Information.