http://www.stockopedia.com/news/announcement/TLW/090708tlw000603.htm
HIGHLIGHTS
Ghana and Equatorial Atlantic Activities
- Jubilee Phase 1 Plan of Development finalised with the Government of Ghana for formal approval. Development drilling, FPSO conversion and subsea facilities fabrication all on track for 2010 first oil.
- Tweneboa-1 makes a significant discovery, extending the Jubilee play westwards.
- Five potentially transformational exploration and appraisal wells scheduled for 2H 2009; Mahogany-4, Mahogany-Deep-2, Tweneboa-2 and Teak-1 in Ghana and South Grand Lahou in Côte d'Ivoire.
- Farm-in offers received for French Guiana acreage. New 3D seismic surveys reveal large leads offshore Guyana and Liberia. A further two licences are being acquired elsewhere in Liberian Basin.
Uganda Operations
- Current activities are focused on development planning and commercialisation.
- Detailed evaluation of short-term fuel supply for local power and options for full-scale refining and export has commenced.
- Wahrindi-1 finds oil, extending the Victoria Nile Delta play. New leading edge gravity-seismic technologies are being applied to fully explore and develop this multi-billion barrel basin.
- Ngassa-2 drilling operations are ongoing and oil shows have been encountered. Total Depth is expected to be reached in August.
Group Operations and Financials
- Group working interest production averaged 59,000 boepd for the first half of 2009 and is expected to average approximately 58,000 boepd for the full year.
- First half capital expenditure of GBP425 million with forecast 2009 expenditure of GBP700 million.
- Net debt at 30 June 2009 was approximately GBP435 million.
