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Maersk Oil will continue to act as operator of the licence with a 47.5 per cent interest and Nunaoil, Greenland’s state oil company, will hold a 12.5 per cent interest.
The Tooq licence covers an area of 11,802 square kilometres and the work programme for 2012-2014 includes the acquisition and processing of 3D seismic data. Seismic acquisition of some 1,850 square kilometers has been completed following the submission and approval of a full Environmental Impact Assessment and the results are being evaluated.
The decision whether or not to enter the next phase and drill an exploration well on the Tooq licence will be made after the seismic evaluation has been completed.
ANGUS MCCOSS, EXPLORATION DIRECTOR OF TULLOW, COMMENTED TODAY:
“We are very pleased to be partnering with Maersk Oil and Nunaoil in this unexplored and highly prospective province. Our complementary skills and expertise will allow us to evaluate fully the potential of Block 9 in the initial seismic phase.”
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Tullow is an independent energy company that is building a better future through responsible oil and gas development in Africa. Tullow's operations are focused on its core producing assets in Ghana. Tullow is committed to becoming Net Zero on its Scope 1 and 2 emissions by 2030, with a Shared Prosperity strategy that delivers lasting socio-economic benefits for its host nations. The Group is quoted on the London and Ghanaian stock exchanges (symbol: TLW). For further information, please refer to: www.tullowoil.com.
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