2009-08-19-2007-05-01

WI

Itochu Corp., Tokyo, (Tokyo: 8001) plans to acquire a 20% interest in Namibia production license No. 001 from Tullow Oil Plc, London, (London: TLW) for an undisclosed price. The assets include Kudu Field, and Itochu will pay 40% of the cost of two appraisal wells. Tullow chief executive Aidan Heavey says, "This is a very exciting time in the appraisal program which has the potential to transform the Kudu asset by significantly increasing the reserve base and open up a number of additional development options. The successful development of this asset has the potential to make a very important contribution to Namibia's long-term power needs and Tullow is committed to sanctioning this project at the earliest opportunity."