Tullow Oil announces interim management statement

Thursday, Nov 15, 2012

Tullow Oil plc (Tullow) issues the following Interim Management Statement, for the period 1 July to 14 November 2012, in accordance with reporting requirements of the EU Transparency Directive. The Group will announce its full year Trading Statement and Operational Update on 11 January 2013. Full year results will be announced on 13 February 2013.

Tullow’s operational and financial performance in the second half of 2012 to date has continued to be strong. In Ghana, Jubilee field production capacity has been enhanced and is expected to exceed 90,000 bopd (gross) by year-end, while the Plan of Development for the TEN project has now been submitted to the Government of Ghana. In Kenya, the second exploration well in the Lockichar Basin has successfully encountered oil, further de-risking the basin. Additional exploration drilling and testing results across our significant Kenyan and Ethiopian acreage position are expected before the end of the year. The Zaedyus-2 well is currently drilling offshore French Guiana following up on last year’s basin opening discovery. Tullow continues to enhance its exploration portfolio and widen its global footprint by adding new offshore licences in Mozambique, Uruguay and Greenland. The Group remains on track to deliver average net production of 80,000 to 84,000 boepd for the full year. During the period, Tullow also finalised arrangements for the refinancing of its Reserves Based Lending credit facilities, extending final maturity to 2019.

Source: Tullow Oil plc

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