Tullow Agrees UKCS Acreage Swap with Shell; Participation In Exploration Well Close To The Buzzard Field.Business Editors LONDON--(BUSINESS WIRE)--March 10, 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") today announced that its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Tullow Oil UK Limited ("TOUK"), has agreed to swap a 25% interest in its Southern Gas Basin Block 53/4a (License P039, excluding the producing Welland field) for Shell's entire 24.805% interest in Inner Moray Firth Moray Firth Inlet of the North Sea, northeastern Scotland. It extends inland for 39 mi (63 km) and is 16 mi (29 km) wide at its widest point. Its inner reaches are divided by a peninsula, the Black Isle, into two smaller inlets, Cromarty Firth and the Firth of Inverness; the Block 20/7a (License P272), situated 18km east of the Buzzard buzzard, common name for hawks of the genus Buteo and the genus Pernis, or honey buzzard, of the Old World family Accipitridae. Honey buzzards feed on insects, wasp and bumblebee larvae, and small reptiles. field. TOUK will retain a 50% equity holding and operatorship in Block 53/4a, which contains the undeveloped Wissey gas discovery. Shell's interest in 20/7a is held by its wholly owned subsidiary Enterprise Oil U.K. Limited. Completion of the acreage swap is subject to certain rights of existing equity holders in the licenses, and approval of the Secretary of State for Trade and Industry. An exploration well, 20/7a-4, which spudded on March 9, will test the "Squirrel" prospect, which has a reserve potential of up to 100mmbbl of oil. The well is anticipated to take 30 days to reach total depth. John Lander John Lander (1807 – November 61839) was the younger brother of Cornish explorer Richard Lemon Lander and accompanied him on his first expedition to western Africa. The Lander brothers were sons of a Truro inkeeper. , TOUK's Managing Director, stated: "This transaction is another step in TOUK's desire to expand its North Sea interests beyond the Southern Gas Basin and into the oil provinces of the Moray Firth and Central North Sea. In this case it gives the company early exposure to the exciting exploration trend that contains the Buzzard field. Equally, Shell's participation with us in Block 53/4a gives us the opportunity to work together on the potential development of a number of discoveries where we have a common interest, such as the Horne and Wren discoveries, as well as Wissey." NOTES TO EDITORS Tullow Oil plc is a UK registered company, quoted on the London and Irish stock exchanges, and one of the largest Independent Exploration and Production companies in Europe. Prices for the ordinary shares may be accessed on Bloomberg under the symbol 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 LN. Tullow Oil is a dynamic player in the international oil and gas industry. Its primary offices are in London (UK & Corporate) and Dublin (International Business). Tullow Oil has interests in 54 exploration and production licences spread over three main areas - South Asia This article is about the geopolitical region in Asia. For geophysical treatments, see Indian subcontinent. South Asia, also known as Southern Asia , Africa, and Europe. It has regional offices in South Asia and Europe and is planning to open one in West Africa. For further information, visit Tullow's web site at www.tullowoil.com. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion