Tullow Oil plc: Exchanging articulation and operational upgrade

Tullow Oil plc (Tullow) issues this announcement to outline late operational exercises and to give exchanging direction in appreciation of the monetary year to 30 June 2015. This is ahead of time of the Bunch's Half Year Results, which are planned for discharge on Wednesday 29 July 2015. The data contained in this has not been evaluated and may be liable to further audit.

Remarking TODAY, AIDAN HEAVEY, CEO SAID:

"We have made various essential strides to guarantee that Tullow stays on a firm money related balance. This methodology is paying off with great advance over the business in the first 50% of 2015. Our significant oil delivering resources in West Africa have performed emphatically and we have overhauled our 2015 entire year generation estimate likewise. The TEN Task stays inside of spending plan and on track for first oil in mid-2016. In East Africa, we are gaining relentless ground towards task authorize with great examination and test results from our wells in Northern Kenya and solid backing from the Legislatures of Kenya and Uganda. At last, we keep on building our stock of investigation prospects to give alternatives when economic situations move forward."

Operational Upgrade

Creation

In the first a large portion of 2015, West Africa working interest oil generation was inside of direction averaging 66,500 bopd. As a consequence of solid execution from Celebration and the non-worked portfolio, 2015 working interest creation direction for West Africa has been expanded to 66,000-70,000 bopd from 63,000-68,000 bopd. In Europe, working interest gas generation for the first a large portion of 2015 was inside of direction averaging 8,100 boepd. This figure incorporates the effect of the culmination of a Netherlands gas resource deal on 30 April 2015 to AU Vitality. Normal working interest generation direction in Europe, having been balanced by 1,000 boepd to represent this deal, is currently 6,000-8,000 boepd from 6,000-9,000 boped.

WEST AFRICA

Celebration generation execution has stayed solid averaging around 105,000 bopd gross (37,300 bopd net) amid the first 50% of 2015. Last dispatching of the coastal gas preparing office was finished in Walk 2015 and from that point forward gas sends out from the Celebration field have arrived at the midpoint of around 80 mmscfd. Tullow arrangements to penetrate two extra Stage 1A wells and the first of these, J-37, has started boring. In light of the execution of the Celebration field year to date and the choice to have an arranged one week shutdown in the second 50% of 2015, Tullow has expanded its entire year 2015 normal working interest generation direction for the field to 103,000 bopd (36,500 bopd net). Work keeps on fusing the Mahogany, Teak and Akasa assets in the More prominent Celebration Full Field Advancement Arrangement which the association arrangements to submit to the Legislature of Ghana by year-end.

The TEN Undertaking keeps on gaining magnificent ground and stays inside of spending plan and on calendar for first oil in mid-2016. Imperative developments on the task accomplished amid the second quarter incorporated: the running of the initial two of ten well consummations; the establishment of the turret on the bow of the FPSO; the first in-nation manufacture works made prepared for the begin of the seaward establishment crusade in mid-July; and pro subsea manifolds and umbilicals from the USA made prepared for transport to Ghana. Taking after the 25 April administering from the Exceptional Council of the Universal Tribunal of the Law of the Ocean (ITLOS) on Temporary Measures, dialogs are continuous with the Legislature of Ghana on their execution and no effect is relied upon on undertaking movement to first oil.

In Gabon, because of continuous permit dialogs with the Administration in regards to the Onal fields, Tullow has excluded Onal (roughly 2,000 bopd net), in its first a large portion of 2015 Gathering generation figures. Be that as it may, a concurrence with the Legislature is normal and Tullow has held the yearly creation from the fields in its Gathering 2015 entire year direction.

EAST AFRICA

In East Africa, advancement is being settled on the choice in regards to the course of the fare pipeline with the Specialized Advisor having presented its last plausibility report to the Administrations of Uganda and Kenya. It is normal that the Legislatures will in a matter of seconds concede to the favored steering which will empower the following period of take a shot at the pipeline to advance.

Kenya operations have been centered around the South Lokichar Hinders 10BB and 13T where evaluation penetrating and Expanded Well Tests (EWT) are proceeding. In May, the Amosing EWT started and five store zones in the field were tried over two wells, being independently created in one well while weight reactions were measured in the other well. Creation from each of the five zones was at a consolidated normal obliged rate of 4,300 bopd under common stream conditions and a total volume of 30,000 barrels of oil was delivered into capacity. The weight information underpins huge joined oil volumes and affirms parallel store coherence between the wells which is certain for the future improvement of the Amosing field. Having finished the creation testing, arrangements are presently under route for water infusion tests into each of the five finished supply zones in Amosing-2A. These tests will accept the feasibility of water surge supply administration and the oil recuperation suppositions for the Field Advancement Arrangement.

Somewhere else in the South Lokichar bowl, arrangements for the Ngamia field EWT are under way. Multi zone culminations were introduced in the Ngamia-8, Ngamia-3 and Ngamia-6 wells. Introductory apparatus less stream testing amid clean-up was at a joined most extreme rate of 3,900 bopd and 1,740 bopd of 30 to 33 degree Programming interface oil for Ngamia-8 and Ngamia-3 with Ngamia-6 clean-up stream testing continuous. These starting results are extremely reassuring.

The PR Marriott 46 apparatus spudded the Ngamia-9 examination well on 13 June 2015. Taking after this well, the apparatus will then move to bore the Twiga-3 and Amosing-5 examination wells, finishing the 2015 evaluation penetrating exercises. In the second from last quarter of 2015, a bowl testing investigation well is arranged at Cheptuket in Piece 12A. The well will test a bowl jumping auxiliary conclusion in a comparable basic setting to the fruitful revelations along the western bouncing fracture bowl blame in the South Lokichar bowl.

In Uganda, advancement has been made on a few financial matters which it is trusted will empower substantive advancement to be made towards the authorization of the Lake Albert oil improvement. On 11 June 2015, the Legislature declared that it had corrected the VAT Demonstration to calm oil investigation and improvement from VAT. On 22 June 2015, after helpful examinations with the Legislature of Uganda and the URA, Tullow reported that it had consented to fork over the required funds and last settlement of its CGT risk for the homestead downs to Aggregate and CNOOC that finished in 2012. This aggregate includes $142 million that Tullow paid in 2012 and $108 million to be paid in three equivalent portions. The main of these was paid upon settlement and the rest of be paid in 2016 and 2017.

EUROPE AND SOUTH AMERICA

In Norway, Tullow finished the Bjaaland investigation well in May with just leftover oil shows experienced. The well was stopped and deserted. The Leiv Eiriksson semi-submersible bored the Bjaaland well and moved to the Tullow worked Zumba prospect which finished boring in June and was stopped and relinquished as a dry gap.

Tullow has likewise been effectively dealing with its value position and presentation to boring expenses in Norway over various licenses. Finished farmdown exchanges brought about a decrease to Tullow's value in the Zumba and Hagar prospects to 40% and 10% individually, subject to Government endorsement.

In the Netherlands, Tullow finished the offer of its worked and non-worked hobbies in the L12/15 territory and Squares Q4 and Q5 to AU Vitality on 30 April 2015. The thought was €64 million for the offer of give or take 1,500 boepd. On 5 June 2015, a farmdown to GDF Suez E&P Nederland finished bringing about the offer of 30% value and the operatorship of Investigation Licenses E10, E11 (counting Tullow's Vincent revelation), E14, E15c and E18b. Taking after these and past arrangements, Tullow no more holds any worked licenses in the UK or Netherlands.

In the Caribbean-Guyanas, Tullow has been extremely dynamic developing its investigation opportunities in the area. In May, the Spari-1 well in Suriname started penetrating with an outcome expected in August. In Jamaica, where Tullow has a huge seaward land position, a bathymetry review has been finished on the Walton & Mourant Pieces. The overview results gave signs of conceivable leaks on which to position drop centers and this operation has initiated.

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