Tullow Oil PLC Onal agreement with the Government of Gabon (5952B)
October 08 2015 - 02:00AM
UK Regulatory
TIDMTLW
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
END
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