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.

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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