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."