Oil hit in Tullow-linked Congolese well
An oil discovery at the Lianzi-1 exploration well, in which ISEQ-listed Tullow Oil plc has a 2% stake, has been announced by the operator ChevronTexaco, and further evaluation is ongoing.
The discovery is located in the shared K/A-IMI Unit in the deepwater area between the Republics of Angola and Congo. A further well will be drilled in 2005.
In an operational update released today, Tullow Oil also said that three rigs are currently drilling in the Congolese M’Boundi field, in which the company has an 11% interest.
The results of recent step-out/appraisal wells in M’Boundi have enhanced production from 7,200 bopd in January 2004 to a current level of approx 27,000 bopd (gross). It is planned to drill a minimum of 10 further development wells before the end of 2004.
Development continues on operations in Egypt, Mauritania, Gabon, Uganda, Equatorial Guinea, Cote d’Ivoire, Bangladesh and the North Sea.
Chief executive Aidan Heavey said: "Our exploration drilling programme this year has so far resulted in six discoveries: Lalmai & Bangora (Bangladesh), Monroe (UK), Avouma (Gabon), Mobim (Congo) and Lianzi (Congo JDA), all of which are already in varying stages of appraisal and development.
“This, combined with our ongoing success in our development drilling programmes, continues to demonstrate that our strategy of adding value through exploration and exploitation of existing reserves is working."
Shares in Tullow started the day’s ISEQ trading at €2.13.
