Business
Tullow Jubilant Over Mahogany-2 Results
By Tullow 6/5/08
May 7, 2008 - 1:29:51 PM

Mahogany-2 has been drilled to a total depth of 3,443 meters by the Songa Saturn drillship in water depths of 1,080 meters. Three more Jubilee appraisal wells are planned for 2008 and will be drilled by the Blackford Dolphin semi-submersible. The next Jubilee appraisal well, Hyedua-2, is expected to commence in July in the adjacent Deepwater Tano license in which Tullow has a 49.95% interest.

Tullow has a 22.9% interest in the West Cape Three Points license. Other partners include Kosmos Energy (Operator 30.875%), Anadarko Petroleum (30.875%), the E.O.Group (3.5%), Sabre Oil & Gas (1.854%) and the Ghana National Petroleum Corporation (GNPC) (10% carried interest). Tullow is the Unit Operator of the Jubilee field.

Commenting today, Aidan Heavey, Chief Executive of Tullow said:

"The confirmation that Mahogany-2 is in communication with both Mahogany-1 and Hyedua-1, reinforces our interpretation that Jubilee is a major discovery and is likely to lead to a material upgrade of current resource estimates. We will continue our appraisal and development program over the remainder of 2008 with the overall objective of achieving first production in 2010."