Tullow has agreed terms to add six new licences covering 28,000 sq km, offshore Peru, to its portfolio. The Group has concluded negotiations with Perupetro and agreed to acquire a 100% stake in Blocks Z-64, Z-65, Z-66, Z-67 & Z-68. The agreements are subject to final approval by the Peruvian Ministry of Energy and Mines and Ministry of Economy and Finance, with formal signing of the licences anticipated in the first quarter of 2018. Tullow has also agreed to acquire a 35% interest in Block Z-38 through a farm-down from Karoon Gas Australia, also subject to Government approval.
The new oil prone acreage will complement the Group’s South America position and contains a number of attractive prospects and leads. Block Z-38 is already covered by high quality 3D seismic and includes the Marina prospect which is a potential candidate for drilling in 2019.