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RNS Number : 5952B

Tullow Oil PLC

08 October 2015

News Release

Onal agreement with the Government of Gabon

8 October 2015 - Tullow Oil plc (Tullow) is pleased to announce that it has reached agreement with the Government of Gabon over its licences in the Onal Complex Fields. Following negotiations, Tullow has regained its 7.5% stake in the Onal Complex producing fields and the Ezanga block (formerly the Omoueyi exploration block). In addition, Tullow has been granted licence extensions in the Onal Complex fields until 2034 and has gained access to two small oil discoveries made within the Ezanga block in 2014. In return for access to these discoveries, it has been agreed that the effective date of the new licence will be 1 August 2015. The successful conclusion of this matter allows Tullow to maintain full year production guidance for West Africa at 66,000-70,000 barrels of oil per day.

Aidan Heavey, Chief Executive Officer, Tullow Oil plc, commented today:

"I am very pleased that this deal has been agreed which guarantees Tullow's long-term future in Gabon. We have had operations in Gabon for over 10 years and I look forward to investing further in Gabon over the coming decades. Our West African non-operated portfolio, which has Gabon at its heart, continues to perform exceptionally well, providing important and stable production for the Group."

FOR FURTHER INFORMATION CONTACT:

 
 Tullow Oil plc            Citigate Dewe     Murray Consultants 
  (London)                  Rogerson          (Dublin) 
  (+44 20 3249 9000)        (London)          (+353 1 498 
  Chris Perry (Investor     (+44 207 638      0300) 
  Relations)                9571)             Pat Walsh 
  James Arnold (Investor    Martin Jackson    Joe Heron 
  Relations)                Grant Ringshaw 
  George Cazenove 
  (Media Relations) 
========================  ================  =================== 
 

Notes to Editors

Tullow Oil plc

Tullow is a leading independent oil & gas, exploration and production group, quoted on the London, Irish and Ghanaian stock exchanges (symbol: TLW). The Group has interests in over 120 exploration and production licences across 22 countries which are managed as three business delivery teams: West Africa, East Africa and New Ventures.

Follow Tullow on:

   Twitter: www.twitter.com/TullowOilplc                                         YouTube: www.youtube.com/TullowOilplc 
   Facebook: www.facebook.com/TullowOilplc                                 LinkedIn: www.linkedin.com/company/Tullow-Oil 

IR App: bit.ly/TullowApp Website: www.tullowoil.com

This information is provided by RNS

The company news service from the London Stock Exchange

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October 08, 2015 02:00 ET (06:00 GMT)

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