Tullow Oil plc (Tullow) announces that it has signed a Heads of Agreement with Staatsolie in relation to Block 47, a 2,369 sq km deepwater exploration licence offshore Suriname.
The signing will enable the parties to finalise a Production Sharing Contract for the Block and enhance Tullow’s portfolio of high-impact exploration acreage in the emerging Suriname-Guyana Basin.
Tullow plans to acquire seismic data during 2011 and anticipates that wells will be drilled as part of the Group’s medium-term exploration programme in the Equatorial Atlantic region of South America.
Tullow will operate the licence with a 100% interest during the exploration phase. The State Oil Company, Staatsolie, has the option to participate during the development and production phases with a 20% interest.
Commenting today, Angus McCoss, Exploration Director, said:
“Tullow is very pleased to have signed this Heads of Agreement with Staatsolie for such an exciting block in the Equatorial Atlantic region of South America. The Group is seeking to replicate the transformational success achieved with the Jubilee field in Ghana and this new acreage complements our existing positions in Guyana and French Guiana.”
Tullow is a leading independent oil & gas, exploration and production group, quoted on the London and Irish Stock Exchanges and is a constituent of the FTSE 100 Index. The Group has interests in over 85 exploration and production licences across 22 countries and focuses on four core areas: Africa, Europe, South Asia and South America.
In Africa, Tullow has production in Gabon, Côte d’Ivoire, Mauritania, Congo (Brazzaville) and Equatorial Guinea and two large appraisal and development programmes in Ghana and Uganda. Tullow also has exploration interests in Gabon, Côte d’Ivoire, Liberia, Sierra Leone, Mauritania, Senegal, Congo, Tanzania, Madagascar, Namibia and Angola.
Tullow’s European interests are primarily focused on gas in the UK Southern North Sea where it has significant interests in the Caister-Murdoch System and the Thames area. The company also has interests offshore the Netherlands.
In South Asia, Tullow has exploration and production in Pakistan and Bangladesh. In South America, Tullow has exploration interests in Guyana, French Guiana and Suriname.
Source:Tullow, May 17, 2010;