far a huge buy now, sitting pretty, derisked, page-33

Hi redal. Here's the Tullow news release on Mbawa.....

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Tullow Oil PLC

Mbawa-1 Drilling Update

RNS Number : 8318L
Tullow Oil PLC
10 September 2012

News Release

Mbawa-1 Drilling Update

10 September 2012 - Tullow Oil plc (Tullow) announces that the Mbawa-1 exploration well in the L8 licence area, offshore Kenya, has encountered gas in the shallowest objective.

The Mbawa-1 exploration well has been drilled to a depth of 2,553 metres and has encountered approximately 52 metres of net gas pay in porous Cretaceous sandstones. The well will now be drilled to a total depth of 3,275 metres targeting further exploration objectives.

Apache (50%) is Operator of the offshore Block L8 Licence along with partners Origin Energy (20%), Pancontinental (15%) and Tullow (15%).

Commenting today, Angus McCoss, Exploration Director, said:

"A gas discovery on prognosis in the shallowest objective at Mbawa-1 is an encouraging start to our East African Transform Margin exploration campaign. This is the first hydrocarbon discovery offshore Kenya. The on-going drilling remains on course to test for any deeper oil potential within this gas prone region".

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http://www.investegate.co.uk/Article.aspx?id=201209100700068318L