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Tullow to spud well in Kudu field off Namibia

04/23/2007
Tullow Oil PLC, London, said it has reached agreement to sell to Japan’s Itochu Corp. a 20% interest in its Republic of Namibia Production License No. 001, which contains giant Kudu gas field, off Namibia.Itochu will pay 40% of the cost of two appraisal wells planned this month to probe the upside potential of Kudu field and will provide other development financing, including further financial payments depending on the ultimate volume of reserves developed.The transaction is subject to partner preemption rights and Namibia’s approval, Tullow said.The two-well appraisal program is to establish commercially productive flow rates from the extensive Kudu East reservoir originally ...
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