Tullow Oil plans offshore Gabon test

Tullow Oil Plc. plans to drill an exploration well on the Kiarsseny Marin licence, offshore northern Gabon, following the farm-out of a 42.5% interest in the block to Addax Petroleum. Drilling of the Kiarsseny Topaze South well (KTS-1) will begin later this month and will test a southern extension of the proven Topaze field oil accumulation.

Feb 4th, 2004

Tullow Oil Plc. plans to drill an exploration well on the Kiarsseny Marin licence, offshore northern Gabon, following the farm-out of a 42.5% interest in the block to Addax Petroleum. Drilling of the Kiarsseny Topaze South well (KTS-1) will begin later this month and will test a southern extension of the proven Topaze field oil accumulation. The well will also investigate a deeper exploration objective in the Cap Lopez Formation.

Tullow has agreed to assign a 42.5% interest in the licence to Addax Petroleum Gabon Ltd., a wholly owned subsidiary of Addax, through its wholly owned subsidiary, Tullow Gabon Operations Ltd. Tullow will continue as operator of the licence and will hold the remaining 57.5% interest. As part of this transaction, Addax will bear the drilling costs of the KTS-1 well. If the well is successful, the farm-out agreement provides for Addax to bear the drilling costs of up to two additional exploration and appraisal wells on the license.

The Kiarsseny Marin concession contains a number of existing oil discoveries – Topaze, Iguega and Equata – as well as other exploration opportunities. Some 24 wells have been drilled in the licence to date, many of which have encountered oil and gas.

02/04/04

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