2009-08-18-2008-03-01-2008-03-01

Acquired 11% WI in onshore M'Boundi Field.

Korea National Oil Co. has acquired the 11% interest in onshore M'Boundi Field in Congo held by London-based Tullow Oil Plc (London: TLW) for US$435 million. M'Boundi Field was discovered in May 2001 by Maurel & Prom. Production is 37,000 barrels of oil per day. ENI is operator. Tullow chief executive Aidan Heavey says, "This is a very exciting time in Tullow's evolution with major work programs in progress to appraise and commercialize our assets in both Uganda and Ghana. The sale of M'Boundi…provides Tullow with an opportunity to focus resources in core growth areas through monetizing a valuable noncore asset."