In September 2010, Tullow announced that it had signed a Production Sharing Contract with Staatsolie in relation to Block 47, a 2,369 sq km deepwater exploration licence where there is the potential to extend the Jubilee play from West Africa across the Atlantic to Suriname, where it has done so in French Guiana.
In the second half of 2013, Tullow was awarded a 50% operated interest in Block 54 jointly with Statoil. In October 2015, Tullow completed a 20% farm out of Block 54 to Noble for a carry, leaving Tullow with a 30% interest and retained operatorship.
Exploration & Appraisal
Plans are ongoing to drill the high-impact Araku prospect (Tullow: 30%), offshore Suriname, in the fourth quarter of 2017. This prospect is a large structural trap which has a resource potential estimated at over 500 mmbo. It has been significantly de-risked by a 3D seismic survey carried out in 2015 which identified geophysical characteristics that are consistent with potential oil or gas effects in the target reservoirs. A rig has been contracted for the well which is expected to cost c.$14 million net to drill.