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Most of the blocks lie in the western CMS Area and include six undeveloped discoveries and two pure exploration blocks. Any future developments on these 10 blocks are likely to pass through the CMS infrastructure thereby generating additional tariff income for Tullow.
The sale is part of an ongoing process of portfolio management which will enable the Group to allocate capital to more material exploration, appraisal and development projects within its global portfolio. Tullow remains committed to the Southern Gas Basin and will continue to invest in the CMS Area, in both producing fields and new developments such as K4 and Harrison. Tullow is also extending its exploration efforts to focus on the more material Carboniferous prospectivity identified in the adjacent Dutch sector, using the expertise developed in the CMS area.
The deal, which is subject to partner approvals, is expected to complete by the end of May 2008.
| Blocks | Discovery | Equity |
|---|---|---|
| 44/11a & 44/12a | Cyngus | 35% |
| 44/16a | Humphrey | 35% |
| 43/25a | Opal | 30% |
| 44/27a | Garnet | 31.66% |
| 44/16c | Kepler | 35% |
| 44/16b | Copernicus | 35% |
| 44/21e | Exploration | 100% (op) |
| 48/3a & 48/4 | Exploration | 25% (op) |