Tullow makes strong start to 2010

12th May 2010 07:04

Tullow Oil says it has continued to perform "very strongly" in 2010 and remains "very positive" about the outlook for the year.Significant progress has been made on the Ugandan pre-emption and farmdown, the Jubilee Phase 1 development project in Ghana remains on track for first oil in the fourth quarter and the Tweneboa-2 appraisal well has established Tweneboa as a major oil and gas-condensate field. The firm said first oil from the Jubilee field by year-end will be a landmark event. It's currently awaiting approvals from the Government of Uganda to let it proceed with an accelerated basin-wide development plan to significantly enhance the value of the Lake Albert Rift Basin. A high-impact drilling campaign is also planned for the second half of 2010, with up to four wells in the Tullow operated Deep Water Tano licence. Significant wells are also planned in Liberia, Sierra Leone, French Guyana and Guyana to test the extension of the Jubilee play in the Equatorial Atlantic region, Tullow said."Given the extent of this activity, Tullow's Board believes the outlook for 2010 is very positive."