Guyane Maritime Block Similar to Giant Jubilee Oil Field Offshore Ghana, Tullow Says

Northern Petroleum notes that in respect of the Guyane Maritime Block in which Northern holds a 1.25% interest, Tullow Oil plc (“Tullow”) in their Trading Statement and Operational Update dated 27 January 2011 stated:

“Following the acquisition and processing of a large 3D seismic programme in late 2009/early 2010 in the Guyane Maritime Block (Tullow 27.5%), a portfolio of Upper Cretaceous Jubilee-type prospects and leads have been identified. The partnership has contracted the ENSCO 8503 rig and expects to commence drilling the Zaedyus prospect in Q1 2011.”

The Partners in the Guyane Maritime licence are:

Tullow (Operator) 27.5%

Shell 45%

Total 25%

Northern 1.25% (Northpet Investments Limited (“Northpet”) holds a 2.5% interest; Northern and Wessex Exploration PLC each own a 50% equity interest in Northpet)

“It is encouraging that Tullow has recognised prospects that have similarities to their operated Jubilee Field in Ghana which has reported mid case reserves of 370 mmbo. The Zaedyus prospect has, as estimated by the Operator, P10 gross upside reserves of 700 mmbo and is an exciting prospect in this untested basin with significant follow up exploration potential” commented Graham Heard, Exploration and Technical Director of Northern.

[mappress]

Source:Northern Petroleum , January 28, 2011; Image: tullow


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