Angola deepwater farm-in

Tullow farms into Angola Block 24, but first well as partner is dry

Offshore staff

(Luanda). Tullow Oil has concluded a farm-in agreement in Angola with Devon Energy, whereby it will take a 15% interest in deepwater Block 24. The block is situated in the Southern Kwanza Basin, just to the west of Block 10, where Tullow also has a 15% stake.

Late in December, the partners, led by Devon subsidiary Ocean Angola Corp., drilled the Kabetula-1 prospect. The well tested a Lower Miocene objective, but was plugged and abandoned. Although dry, Tullow believes the acreage has several other, potentially high-impact prospects.

1/12/06

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