MODEC Announces Successful First Oil for FPSO Kwame Nkrumah MV21

Tokyo, Dec. 27, 2010

MODEC announces another outstanding milestone for the FPSO Kwame Nkrumah MV21 (Jubilee FPSO) with the official First Oil Ceremony. On November 28, 2010, the FPSO Kwame Nkrumah MV21 achieved commissioning of first oil offshore Ghana. The J-02 well opened at 15:45 hours, GMT. Hydrocarbons reached the topsides in the late afternoon and the first flare occurred at 19:50 hours. The oil from this day has been used to commission the facilities for Tullow's official First Oil Ceremony held on December 15, 2010.

His Excellency John Atta Mills, President of Ghana, was the guest of honor at the ceremony held by Tullow Oil plc (Tullow), Anadarko Petroleum, Kosmos Energy, Ghana National Petroleum Corporation, Sabre Oil and Gas, and the E.O. Group. First Oil events were celebrated both on the FPSO, located offshore within the Jubilee field development, and in Takoradi, close to the Jubilee onshore support base. The ceremony was broadcast live on various local TV stations in Ghana as well as globally.

The significance of this fast-tracked large-scale subsea development has received great public recognition. In addition to the globally televised First Oil Ceremony, this year's December issue of Offshore Magazine named Jubilee one of their "Top 5 Projects of 2010."

The oil production rate for FPSO Kwame Nkrumah MV21 will initially increase to 55,000 barrels of oil per day and then to 120,000 barrels as new wells are brought online over the next three-to-six months. The first lift of Jubilee field oil from the FPSO to an export tanker is expected in January 2011. MODEC Management congratulates the entire Project Team on this excellent achievement.