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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.”