14 January 2013

Uganda: Tullow Targets 40 Oil Wells in 2013

Tullow Oil has announced an explorations and appraisal campaign portfolio management with a target for a planned 40 wells globally in 2013, it said in a Jan. 11 statement.

Aidan Heavey, Tullow's Chief Executive said: "Tullow accomplished much in 2012. We have had significant exploration success in establishing Kenya as a new hydrocarbon province and continued to add to and mature our exploration portfolio."

Heavey said the company's commercial reserves have also increased, benefiting from the submission of the 10 development plan in Ghana.

"We also significantly strengthened our balance sheet in 2012 by concluding the Uganda farm-down and by refinancing and extending the maturity of our $3.5bn reserves based lending facility," he added.

He says that Tullow will continually review its portfolio to ensure that it allocates capital appropriately to enhance shareholder value.

"We accelerated this process after the farm-down in Uganda when we conducted a thorough review of the exploration assets carried on our balance sheet. In 2012 we further reshaped the portfolio with entry into five new countries, including highly prospective licenses in the North Atlantic through the purchase of Spring Energy," he explained.

He said they were increasing focus on light oil exploration and that had led to their planned disposal of their Asian and Southern North Sea gas production assets.

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