Tullow reveals UK updates
Oil and gas exploration group Tullow today announced updates on three UK Business Unit assets.
The group announced natural gas production from Horne & Wren, Tullow’s first operated development in the UK, commenced last week.
Meanwhile the Opal exploration well operated by Gaz de France Britain, has successfully encountered gas bearing reservoir sands. Tullow currently has a 46% interest in the discovery, although this may revert to the original equity of 30% if certain back-in rights are exercised.
Finally Tullow has revealed it has completed the sale of two subsidiaries holding minority interests in the Alba and Caledonia oil fields in the Central North Sea to Itochu Corporation for a headline consideration of $112m (€92m).
Commenting today, Aidan Heavey, chief executive of Tullow said: "The achievement of first gas from Horne & Wren and the Opal discovery are further evidence of the excellent progress we are making in our Southern North Sea gas business."
Tullow is listed on the London and Irish stock exchanges
The Group has interests in over 90 production and exploration licences in 16 countries A full update on the rest of Tullow’s activities will be provided in a trading statement and operational update in July.
