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Tullow will retain a 70% working interest and remain Operator of the block where a 2,000 sq km 3D seismic survey is to start imminently. Tullow announced in September 2010 that it had signed a Production Sharing Contract for Block 47 with Staatsolie. Subject to results from the seismic survey, exploration drilling is expected to commence in 2014.
COMMENTING TODAY, ANGUS MCCOSS, EXPLORATION DIRECTOR, SAID:
“This farm-down reflects our approach to sharing geological risks and realising early value in an exciting frontier exploration campaign. We are delighted that Statoil has joined us in this new oil exploration region in South America that was opened by Tullow’s successful Zaedyus well offshore French Guiana earlier this year.”
Contacts
| Tullow Investor Relations | Camarco (Media) |
|---|---|
|
ir@tullowoil.com |
(+44 20 3757 4980) |
Notes to editors
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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