Tullow to gain interest in Hewett fields

ISEQ-listed exploration company Tullow Oil and Eni have exercised rights of pre-emption in relation to the sale to Petrofac of Centrica’s 23.15% interest in the Hewett Field Unit area.

Tullow will gain an additional 12.87% interest in the Hewett fields and the Bacton terminal on the same terms that were originally agreed with Petrofac.

Completion of the transaction is subject to governmental approvals and is expected to occur in early 2006.

Tullow has released an update on recent drilling activities.

Drilling has been temporarily suspended at Mauritania’s Faucon-1 exploration well to investigate a find of hydrocarbon-bearing sandstones. Tullow has a 20% stake in this project.

Romania’s Costiza-1Z well has had operations suspended as “the well’s primary objective was not encountered”. Tullow intends to sell its licence for this project, of which it controls 42%.

Drilling is underway at the Ngeuve-1 well off the coast of Angola, the rig for the M’Puta prospect in Uganda is being moved to the drilling location, while exploration of the Equata project in Gabon is due to start next week.