Tullow Oil PLC Issues FY 2012 Production Guidance; Announces Partnership with Shell

Tullow Oil PLC announced that it expects for fiscal year 2012 average production of between 78,000 barrels of oil equivalent per day and 86,000 barrels of oil equivalent per day with an exit rate of over 90,000 barrels of oil equivalent per day expected. Tullow Oil PLC also announced that it has signed of a non-binding memorandum of understanding with Shell to partner for new frontier exploration in select basins and geological plays around the Atlantic Basin. Tullow Oil PLC and Shell will pursue and evaluate transformational geological plays in underexplored frontier basins. This partnership combines the knowledge base and capabilities of both companies to allow more effective de-risking and development in areas of mutual interest.