Further to the announcement made on 21 July 2011, Tullow Oil plc (Tullow) confirms that 3,531,546 ordinary shares of 10p each in the capital of Tullow (Shares) have today been admitted to the official list of the UK Listing Authority and the official list of the Irish Stock Exchange and to trading on the main markets of the London Stock Exchange and the Irish Stock Exchange (Admission).

Following Admission, the total number of shares in issue is 903,846,948, and the total number of voting rights in the Company is 903,846,948. The Company holds no shares in treasury.

Tullow also confirms that with effect from 10 a.m. Ghana time (11 a.m. UK time) today, its Shares will commence trading on the Ghana Stock Exchange (symbol: TLW), with a market capitalisation of approximately 28.18 billion Ghana Cedis. The listing more than doubles the entire market capitalisation of the Ghana Stock Exchange and makes it one of the largest Stock Exchanges in sub-Saharan Africa, outside of South Africa and Nigeria.

The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FSA’s Disclosure and Transparency Rules.

Commenting today, Aidan Heavey, Chief Executive, said:
“This is an historic day for Tullow Oil as our shares begin trading in Ghana for the first time. I am delighted by the success of our offer and excited that we now have a stock market presence in Africa, 25 years after the company was founded.”

Tullow Group Overview
Tullow is a leading independent oil & gas, exploration and production group, quoted on the London, Irish and Ghanaian (symbol: TLW) stock exchanges and is a constituent of the FTSE 100 Index. The Group has interests in over 90 exploration and production licences across 22 countries and focuses on four core areas: Africa, Europe, South Asia and South America.

In Africa, Tullow has production in Ghana, Gabon, Côte d’Ivoire, Mauritania, Congo (Brazzaville) and Equatorial Guinea with two large appraisal and development programmes in Ghana and Uganda. Tullow also has exploration interests in Gabon, Côte d’Ivoire, Liberia, Sierra Leone, Mauritania, Senegal, Tanzania, Madagascar, Namibia, Kenya and Ethiopia.

Tullow’s European interests are focused on gas in the UK Southern North Sea where it has significant interests in the Caister-Murdoch System and the Thames area and in the Netherlands where it has offshore gas production, development and exploration opportunities.

In South Asia, Tullow has exploration and production in Bangladesh and exploration interests in Pakistan. In South America, Tullow has exploration interests in Guyana, French Guiana and Suriname.

For further information please refer to our website at www.tullowoil.com.

You are receiving this email because you have registered for the Tullow Oil plc press release alert service. For more information please visit the Tullow website: www.tullowoil.com

Follow Tullow on:

Twitter: www.twitter.com/TullowOilplc

YouTube: www.youtube.com/TullowOilplc

Facebook: www.facebook.com/TullowOilplc

LinkedIn: www.linkedin.com/company/Tullow-Oil

The post Tullow oil starts trading on Ghana Securities Exchange first appeared on Uganda Multimedia News & Information.

Further to the announcement made on 26 May 2011 in relation to the conditional acquisition of the Ghanaian interests of EO Group Limited for $305 million, Tullow Oil plc (Tullow) is pleased to announce that all of the conditions to the acquisition were satisfied and the acquisition completed today.

This acquisition, with an effective date of 1 December 2010, will increase Tullow’s interest in the West Cape Three Points licence offshore Ghana by 3.5% to 26.4% and increase the Group’s interest in the Jubilee field, which Tullow operates, by 1.75% to 36.5%.

Following the completion, 10,137,196 ordinary shares of 10p each in the capital of Tullow (Shares), are expected to be admitted on 26 July 2011 to the official list of the UK Listing Authority and the official list of the Irish Stock Exchange and to trading on the main markets of the London Stock Exchange and the Irish Stock Exchange. The shares satisfy approximately $216 million of the consideration and the balance, which includes certain working capital adjustments, has been paid in cash.

Following Admission, the total number of Shares in issue is 900,315,402, and the total number of voting rights in the Company is 900,315,402. The Company holds no Shares in treasury.

The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FSA’s Disclosure and Transparency Rules.

FOR FURTHER CORPORATE INFORMATION CONTACT:
Tullow Oil plc
(+44 20 3249 9000)
Chris Perry – Investor Relations
James Arnold – Investor Relations
George Cazenove – Media Relations

Citigate Dewe Rogerson
(+44 207 638 9571)
Martin Jackson
Kate Lehane

Murray Consultants
(+353 1 498 0300)
Joe Murray
Ed Micheau

Notes to Editors
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 100 Index. The Group has interests in over 90 exploration and production licences across 22 countries and focuses on four core areas: Africa, Europe, South Asia and South America.

In Africa, Tullow has production in Ghana, Gabon, Côte d’Ivoire, Mauritania, Congo (Brazzaville) and Equatorial Guinea with two large appraisal and development programmes in Ghana and Uganda. Tullow also has exploration interests in Gabon, Côte d’Ivoire, Liberia, Sierra Leone, Mauritania, Senegal, Tanzania, Madagascar, Namibia, Kenya and Ethiopia.

Tullow’s European interests are focused on gas in the UK Southern North Sea and the Netherlands. In South Asia, Tullow has exploration and production in Bangladesh and exploration interests in Pakistan. In South America, Tullow has exploration interests in Guyana, French Guiana and Suriname.

The post Tullow oil announces Acquisition of Ghanaian interests of EO Group Limited first appeared on Uganda Multimedia News & Information.

As previously announced on 13 June 2011, the Offer was open between 13 June and 4 July 2011 with Shares offered at 31 Ghana Cedis. During this period, 10,147 valid applications were received for 3,531,546 Shares representing a total amount of 109,477,926 Ghana Cedis (approximately 72.3 million US Dollars). It is expected that the secondary listing and the first day of trading of Shares on the GSE will be on 27 July 2011.

Application will be made to the UK Listing Authority for the admission to the Official List of those 3,531,546 Shares and to the London Stock Exchange plc for such Shares to be admitted to trading. Admission of such Shares to the Official List and to trading on the London Stock Exchange plc’s main market for listed securities is expected to occur on 27 July 2011. It is expected that such Shares will be admitted to trading on the Irish Stock Exchange on the same day.

Information for Offer applicants
All applicants who submitted valid applications in the Offer will receive all of the Shares they applied for. As a result of this, there will be no refunds. Applicants will have their Ghana Stock Exchange Securities Depository Accounts credited with their allotted Shares by 25 July 2011 and may commence trading such Shares on 27 July 2011.

Commenting today, Aidan Heavey, Chief Executive, said:
“I am delighted by the success of our offer on the Ghana Stock Exchange, the largest primary share offer ever completed in Ghana. Ghana remains at the heart of Tullow’s investment decisions and underpins our long-term future in Africa. I would like to welcome all new shareholders, including Ghana’s National Basic Pension Scheme, to Tullow and thank them for their investment in the company. I look forward to updating all our shareholders with news of our progress, both in Ghana and beyond, over the coming years.”

Tullow Group Overview
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 100 Index. The Group has interests in over 90 exploration and production licences across 22 countries and focuses on four core areas: Africa, Europe, South Asia and South America.

In Africa, Tullow has production in Ghana, Gabon, Côte d’Ivoire, Mauritania, Congo (Brazzaville) and Equatorial Guinea with two large appraisal and development programmes in Ghana and Uganda. Tullow also has exploration interests in Gabon, Côte d’Ivoire, Liberia, Sierra Leone, Mauritania, Senegal, Tanzania, Madagascar, Namibia, Kenya and Ethiopia.

Tullow’s European 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 area. The company also has interests offshore the Netherlands.

In South Asia, Tullow has exploration and production in Bangladesh and exploration interests in Pakistan. In South America, Tullow has exploration interests in Guyana, French Guiana and Suriname.

For further information please refer to our website at www.tullowoil.com.

About Tullow Ghana

Tullow Oil plc, through its subsidiary, Tullow Ghana Limited, has interests in two exploration blocks in Ghana – Deepwater Tano and West Cape Three Points. Tullow is the operator of the Jubilee field, which straddles both blocks, and lies approximately 60 kilometres off the coast of Ghana. The Jubilee field was discovered in 2007 and First Oil was celebrated on 15 December 2010 following first initial production in November. Since First Oil, over ten million barrels of oil have already been produced from the Jubilee field and the gross production rate is now around 80,000 bopd from seven wells. Plateau production of 120,000 bopd is expected to be reached by August with the completion of the final two Phase 1 production wells. Jubilee is a world-class oil field with estimated recoverable resources of up to 1 billion barrels. In addition to Jubilee, Tullow has also discovered the Enyenra and Tweneboa fields which are currently being appraised and a comprehensive exploration programme is also ongoing.

FOR FURTHER INFORMATION CONTACT:
Tullow Ghana Limited
(+233 (0) 302 742200)
Dai Jones
Ike Duker
Gayheart Mensah

IC Securities (Ghana) Limited
(+233 (0) 302 252 623)
Kwabena Osei-Boateng
Jeff Foli
Kojo Boama

FOR FURTHER CORPORATE INFORMATION CONTACT:
Tullow Oil plc
(+44 20 3249 9000)
Chris Perry – Investor Relations
James Arnold – Investor Relations
George Cazenove – Media Relations

Citigate Dewe Rogerson
(+44 207 638 9571)
Martin Jackson
Kate Lehane

Murray Consultants
(+353 1 498 0300)
Joe Murray
Ed Micheau

The post Tullow oil sells shares on Ghana Stock Exchange first appeared on Uganda Multimedia News & Information.

Kosmos Energy (NYSE: KOS) announces today that the company’s Makore-1 exploration well on the West Cape Three Points Block offshore the Republic of Ghana encountered 37 meters (121 feet) of good-quality Campanian-age water-bearing sandstone reservoirs and 46 meters (151 feet) of good-quality Turonian-age water-bearing sandstone reservoirs. The Makore-1 well was Kosmos’ first well in the southeastern portion of the block. The well explored a stratigraphic trap in a Turonian-age fan system.

The Makore-1 well is located 25 km (15 miles) southeast of the company’s Mahogany-1 exploration well that discovered the Jubilee Field. The “Atwood Hunter” semi-submersible rig drilled the Makore-1 well in a water depth of 1,409 meters (4,623 feet) to a total depth of 3,876 meters (12,716 feet). The “Atwood Hunter” will remain on the block to drill the Akasa-1 exploration well, formerly known as the Dahoma Up-dip prospect. The Akasa-1 well is expected to be spudded shortly.

Kosmos is the operator of the West Cape Three Points Block in which the company holds a 30.875% interest. An affiliate of Anadarko Petroleum Corporation has a 30.875% interest; an affiliate of Tullow Oil plc has a 22.896% interest; E.O. Group Limited has a 3.5% interest; Sabre Oil & Gas Holdings Limited has a 1.854% interest; and the Ghana National Petroleum Corporation has a 10% carried interest.

FOR FURTHER INFORMATION CONTACT:
Tullow Oil plc
(+44 20 3249 9000)
Chris Perry – Investor Relations
George Cazenove – Media Relations

Citigate Dewe Rogerson
(+44 207 638 9571)
Martin Jackson
Kate Lehane

Murray Consultants
(+353 1 498 0300)
Joe Murray
Ed Micheau

Notes to Editors
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 100 Index. The Group has interests in over 90 exploration and production licences across 22 countries and focuses on four core areas: Africa, Europe, South Asia and South America.

In Africa, Tullow has production in Ghana, Gabon, Côte d’Ivoire, Mauritania, Congo (Brazzaville) and Equatorial Guinea with two large appraisal and development programmes in Ghana and Uganda. Tullow also has exploration interests in Gabon, Côte d’Ivoire, Liberia, Sierra Leone, Mauritania, Senegal, Tanzania, Madagascar, Namibia, Kenya and Ethiopia.

Tullow’s European 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 area. The company also has interests offshore the Netherlands.

In South Asia, Tullow has exploration and production in Bangladesh and exploration interests in Pakistan. In South America, Tullow has exploration interests in Guyana, French Guiana and Suriname.

For more information please visit the Tullow website: www.tullowoil.com

Follow Tullow on:

Twitter: www.twitter.com/TullowOilplc

YouTube: www.youtube.com/TullowOilplc

Facebook: www.facebook.com/TullowOilplc

LinkedIn: www.linkedin.com/company/Tullow-Oil

The post Tullow oil held Makore well finds oil deposits first appeared on Uganda Multimedia News & Information.

• Record first half revenues; strong operational performance

• 79% E&A success ratio; frontier wells in new territories to feature in the second half

5 July 2011 – Tullow Oil plc (Tullow) issues this Trading Statement and Operational Update in respect of the first half of the 2011 financial year ended 30 June 2011. This is in advance of the Group’s Half-Yearly Results, which are scheduled for release on Wednesday 24 August 2011. The information contained herein has not been audited and is subject to further review.

To view the full release please visit the Tullow website: www.tullowoil.com

HIGHLIGHTS

Production and Development activities
• Jubilee field has produced over 10 million barrels gross; production currently around 80,000 bopd with ramp up to 120,000 bopd expected to be reached in August.
• Tweneboa and Enyenra development progressing towards Government approval in first half of 2012; successful appraisal programme continues with Tweneboa-2 oil zone tested at 6,500 bopd.
• In Uganda, MoU signed with the Government; Sale and Purchase Agreements signed for the farm down to CNOOC and Total for $2.9 billion; completion conditions currently being finalised.
• Working interest production averaged 75,350 boepd in 1H 2011; 2011 full year production guidance now 90,000 to 94,000 boepd.

Exploration and Appraisal activities
• 79% exploration and appraisal success ratio year-to-date in 2011; 15 successful wells out of 19.
• West Cape Three Points drill-out continues with successes at Teak-1 and Teak-2.
• Seven successful E&A wells in Uganda year-to-date including the material Jobi-2 and Gunya-A wells.
• Zaedyus well in French Guiana commenced drilling in March; result expected in August.
• High-impact wells to commence drilling in 2H 2011 in Guyana, Liberia, Sierra Leone and Kenya.

Group operations and financials
• €300m acquisition of Nuon E&P completed; $305m acquisition of EO assets awaiting approval; pre-emption in Sierra Leone increases stake by 10% to 20%.
• Tullow to list on the Ghana Stock Exchange during July; 4 million share offer closed yesterday.
• First half capital expenditure of $675 million with forecast 2011 expenditure remaining at $1.5 billion.
• Record 1H 2011 revenue of $1.05 billion. Net debt at 30 June 2011 was approximately $2.6 billion.

COMMENTING TODAY, AIDAN HEAVEY, CHIEF EXECUTIVE SAID:
“The performance of our business since the beginning of 2011 has been excellent and we expect to deliver record financial results for the first half of the year. Jubilee production has been ramping up steadily. In Uganda we have signed the MoU with the Government and expect to complete the $2.9 billion Uganda asset sale with CNOOC and Total soon. We have enhanced our portfolio through acquisitions in the Netherlands and Ghana, and our high level of exploration and appraisal success continues. Looking forward, we have a busy programme of E&A activity in the second half including the result of our first exploration well in South America and a number of Jubilee follow-on campaigns in Guyana, Liberia and Sierra Leone.”

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.

The post Tullow Oil plc Trading statement and Operational update first appeared on Uganda Multimedia News & Information.

The Banda-1 well, located 9.6 kilometres southeast of the Odum discovery in the eastern part of the West Cape Three Points licence, has encountered Cenomanian turbidites over a gross vertical interval of 300 metres. This interval contains over 100 metres of low porosity sandstone and 3 metres of approximately 40 degree API oil pay.

The Atwood Hunter rig drilled Banda-1 to a total depth of 4,580 metres in water depths of 921 metres. On completion of operations, the well will be suspended for potential future use and the rig will move to complete the drilling of the Makore-1 well which is targeting Turonian age reservoirs in the south of the West Cape Three Points licence. The upper section of this well was drilled by the Eirik Raude rig during April.

Tullow has a 22.896% interest in the West Cape Three Points licence and its partners are Kosmos Energy (Operator) and Anadarko Petroleum Corporation (30.875% each), the E.O.Group (3.5%), Sabre Oil & Gas Holdings Ltd (1.854%) and the Ghana National Petroleum Corporation (GNPC) (10% carried interest).

Commenting on Banda-1, Angus McCoss, Exploration Director, said:
“Banda-1 was our first wildcat designed specifically to investigate the potential of Cenomanian age reservoirs in West Cape Three Points. Finding some light oil in such a thick sandstone package is an encouraging first step, however the reservoir is poor quality at this location. The well results will now be integrated into the regional geologic model to re-evaluate the remaining potential in other prospects at this stratigraphic level within our acreage.”

The post Tullow strikes good oil reserves in Ghana’s Banda-1 oil well first appeared on Uganda Multimedia News & Information.