Portugal Operations and Licences

Operations

In early February 2007 Tullow signed three new licences covering approx 9,000 sq km off the west coast of Portugal.  Partners in the new licences include Partex Oil and Gas and Galp Energia.

The licences, known as Lavagante, Santola and Gamba, are valid for an initial term of eight years, renewable for a further 30 years in the case of production.

A 2D seismic survey (approx 3,000 km) was successfully acquired during the second half of 2008.  The new seismic is currently being processed and should provide better definition of the prospectivity of the undrilled Alentejo Basin. No drilling is likely before 2010.

 

Licences

Licence	Area Sq Km	Tullow Interest	Operator	Other Partners
Lavagante	3,089	80.00%	Tullow	Partex, Galp Energia
Santola	3,065	80.00%	Tullow	Partex, Galp Energia
Gamba	2,945	80.00%	Tullow	Partex, Galp Energia