Cote d'Ivoire Oil Discovery Confirms Potential Of Offshore Acajou Area.Business Editors LONDON--(BUSINESS WIRE)--May 8, 2003 Tullow Oil Tullow Oil plc (LSE: TLW) is a British-based oil exploration and production business headquartered in London. The Company was founded in 1985 in the Republic of Ireland. It is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index. plc ("Tullow") (LSE LSE - Language Sensitive Editor : TLW TLW Tullow Oil PLC (UK; stock symbol) TLW The L Word (TV series) TLW True Love Waits TLW The Last Word TLW The Lost World (movie) TLW The Learner Will TLW Theft Loss Waiver ), the independent oil and gas exploration, development and production company, with core interests in the UK North Sea, West Africa West Africa A region of western Africa between the Sahara Desert and the Gulf of Guinea. It was largely controlled by colonial powers until the 20th century. West African adj. & n. and South Asia, today has announced an oil discovery on the Acajou Ac´a`jou n. 1. (Bot.) The cashew tree; also, its fruit. See Cashew. prospect in Cote d'Ivoire, confirming the hydrocarbon potential of the area, southeast of the Espoir field. The well on licence CI-26 was drilled on the Acajou South prospect approximately 24 km off the coast of Cote d'Ivoire in a water depth of 3,050ft. The well is located some 9km from the Espoir facilities. Well Acajou-1x was operated by Canadian Natural Resources ("CNR See riser card. CNR - Communication and Network Riser ") using the Sovereign Explorer rig. It reached a total depth of 8,027ft and encountered a gross oil column of over 250ft. 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(degree) 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. Espoir Developments Elsewhere on licence 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 per·fo·ra·tion n. 1. The act of perforating or the state of being perforated. 2. An abnormal opening in a hollow organ or viscus, as one made by rupture or injury. Perforation A hole. 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 Licence constitute a key value creation area for Tullow and we look forward to further active exploration, appraisal and development in this exciting region". NOTES TO EDITORS Tullow Oil plc is a UK company with primary offices in London (UK) and Dublin (Ireland), and is one of the largest Independent Exploration and Production companies in Europe. Tullow is a dynamic player in the international oil and gas industry. The company has interests in 54 licenses spread over three main areas - UK North Sea, Africa and South Asia. It has regional offices in South Asia and Europe and is planning to open one in West Africa. Tullow has a 21.33% equity in the Espoir Field with partners, CNR and Petroci , holding 58.67% and 20% respectively. The Espoir Field has estimated recoverable reserves of 93 million barrels of oil and 180 billion cubic feet of natural gas. The Espoir production facilities currently comprise an unmanned wellhead well·head n. 1. The source of a well or stream. 2. A principal source; a fountainhead. 3. The structure built over a well. wellhead Noun 1. platform with oil and gas processed on an FPSO FPSO Floating Production Storage and Off-loading (shipping & oil industry) FPSO Foster Parent Society of Ontario FPSO Fleet Publication Supply Office . The East Espoir oil accumulation is being developed initially followed by development of the West Espoir within two years. The Espoir field has a life expectancy Life Expectancy 1. The age until which a person is expected to live. 2. The remaining number of years an individual is expected to live, based on IRS issued life expectancy tables. of 20 years. Tullow Oil's shares are listed on London and Irish Stock Exchanges. Prices for the ordinary shares may be accessed on Bloomberg under the symbol TLW LN. For further information, visit Tullow's web site at www.tullowoil.com. |
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