ghana

http://www.tullowoil.com/tlw/media/news/2007/2007-06-18/

Tullow Oil plc – Significant oil discovery offshore Ghana
18/06/2007

18 June 2007 – Tullow Oil plc (Tullow) announces that the high impact Mahogany-1 exploration well drilled on the West Cape Three Points licence offshore the Republic of Ghana has discovered a significant light oil accumulation based on the results of drilling, wireline logs and samples of reservoir fluid.

The well, which is drilling in water depths of 1,320m, has been drilled to a depth of 3,683m and has to date, encountered a gross hydrocarbon column of 270m with 95m of net stacked pay. It is planned to drill to a total depth of approximately 4,200m to test further prospective horizons. Upon reaching the target depth, the well will be suspended pending further evaluation and additional appraisal drilling will be required. The Mahogany-1 well will be tested at a later date as part of the appraisal programme.

The Mahogany discovery, a Santonian turbidite stratigraphic trap, opens a new play fairway in the Tano Basin. The structure straddles both the West Cape Three Points and Deepwater Tano licences in which Tullow has interests of 22.9% and 49.95% respectively. Tullow is also the operator of the Deepwater Tano licence.

The Mahogany-1 well was drilled using the “Belford Dolphin” - a dynamically positioned fifth-generation deepwater drillship. This is the first exploration well to be drilled under the West Cape Three Points seven-year exploration agreement and follows a 1,076 sq km 3D seismic survey on the block in 2005.

Commenting today, Aidan Heavey, Chief Executive of Tullow said:
"The discovery of oil in the Mahogany well represents a major event for the Republic of Ghana and for Tullow. Based on evidence to date, ultimate reserves are likely to be materially in excess of previous estimates, with some high-potential zones still to be drilled. We look forward to working with our partners to realise the full potential of Mahogany and our additional prospects in the region."

Conference Call
Aidan Heavey (CEO) will host a conference call at 9.30 a.m. today. Please dial-in 10 minutes before the start time. A replay facility will be available from 1pm. The details for accessing the live call and the replay are as follows:

Live Event Replay Facility available from 1 pm
UK Participants 020 7806 1950 UK Participants 020 7365 1827
Irish Participanys 01 655 8885 Irish Participants 01 659 8321
Other Participants +44 20 7806 1950 Other Participants +44 20 7365 1827
Access Code 2405197#

For further information contact:

Tullow Oil plc Citigate Dewe Rogerson Murray Consultants
(+44 20 8996 1000) (+44 20 7638 9571) (+353 1 498 0300)
Aidan Heavey Martin Jackson Joe Murray
Tom Hickey
Chris Perry

Notes to Editors

Tullow is a leading independent oil & gas, exploration and production group, quoted on the London and Irish Stock Exchanges (symbol: TLW) and is a constituent of the FTSE 250 Index. The Group has interests in over 120 exploration and production licences across 23 countries and focuses on four core areas: Europe, Africa, South Asia and South America.

Tullow’s European interests are primarily focused on gas in the UK Southern North Sea where it has significant interests in the Caister-Murdoch System and the Thames-Hewett areas and operates over 70% of its production.

In Africa, Tullow has exploration and production in Gabon, Côte d'Ivoire, Congo (Brazzaville), Mauritania and Equatorial Guinea and a large gas field development and appraisal programme in Namibia. Tullow also has exploration programmes in Mauritania, Senegal, Cameroon, Uganda, Congo (DRC), Tanzania, Madagascar, Angola and Ghana.

In South Asia, Tullow has exploration and production in Pakistan and Bangladesh and high impact exploration activities in India.

In South America Tullow has high impact exploration interests in Trinidad and Tobago, French Guiana, Suriname and the Falkland Islands.

For further information please refer to our website at www.tullowoil.com