Tullow - comment

We have spoken to a couple of clients on Tullow’s Kenyan operations over the last week. There is some misunderstanding in the market concerning the 10th May deadline African Oil mentioned on their conference call earlier this month. The deadline is for the Kenyan authority to confirm the Field Development Plan (FDP) for the Kenyan prospect. It is not a deadline for agreement on the introduction of new partners via a potential farm-down. The confirmation of the FDA by the authorities will be a marginal positive. However, the conclusion of discussions with any potential new investors, which are required to monetise the asset, is not expected to coincide with the FDA approval.