RNS Number : 3336S
Tullow Oil PLC
18 November 2011
Farm-down to Statoil in Suriname
18 November 2011 - Tullow Oil plc (Tullow) announces that it has farmed-down 30% of its interest in the 2,369 sq km deepwater Block 47 in Suriname to Statoil, subject to approval from Staatsolie Maatschappij Suriname, the state oil company of Suriname. 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."
FOR FURTHER INFORMATION CONTACT:
Tullow Oil plc
(+44 20 3249 9000)
Chris Perry - Investor Relations
James Arnold - Investor Relations
George Cazenove - Media Relations
Citigate Dewe Rogerson
(+44 207 638 9571)
(+353 1 498 0300)
Notes to Editors
Tullow is a leading independent oil & gas, exploration and production group, quoted on the London and Irish Stock Exchanges (symbol: TLW) and is a constituent of the FTSE 100 Index. The Group has interests in over 90 exploration and production licences across 22 countries and focuses on four core areas: Africa, Europe, South Asia and South America.
In Africa, Tullow has production in Ghana, Gabon, Côte d'Ivoire, Mauritania, Congo (Brazzaville) and Equatorial Guinea with two large appraisal and development programmes in Ghana and Uganda. Tullow also has exploration interests in Gabon, Côte d'Ivoire, Liberia, Sierra Leone, Mauritania, Senegal, Tanzania, Madagascar, Namibia, Kenya and Ethiopia.
Tullow's European interests are focused on gas in the UK Southern North Sea where it has significant interests in the Caister-Murdoch System and the Thames area and in the Netherlands where it has offshore gas production, development and exploration opportunities.
In South Asia, Tullow has exploration and production in Bangladesh and exploration interests in Pakistan. In South America, Tullow has exploration interests in Guyana, French Guiana and Suriname.
For further information please refer to our website at www.tullowoil.com.
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