Tullow concludes North Sea gas field sales

Offshore staff

LONDON – Tullow Oil has completed the sale of 53.1% of its Schooner unit interest and 60% of its Ketch asset in the UK southern North Sea to Faroe Petroleum.

Faroe is now operator in both cases.

Faroe Petroleum CEO Graham Stewart said: “Schooner and Ketch are good quality producing fields…which offer upside potential in the form of increasing reserves, production, and field life.

“The transaction is tax efficient for us, providing shelter for both past and future tax losses in the UK and is in line with our strategy to grow our production portfolio to continue the efficient funding of Faroe’s ongoing exploration and appraisal program.”

Tullow continues to market its remaining UK southern North Sea gas assets in the UK.

Offshore Gabon, the company has a 35% stake in the Arouwe block, operated by Perenco.

Here the drillship Vantage Tungsten Explorer has completed drilling the Sputnik-1 well, a presalt structure in 1,023 m (3,356 ft) of water. The well intersected non-commercial hydrocarbon pay in up to 300 m (984 ft) of net sandstone reservoir.

Tullow exploration director Angus McCoss said: “This is an encouraging result from the presalt play offshore Gabon. Having found a petroleum system, we will now take the data from this well and integrate it with our seismic data to discuss with partners our next steps for the license.”

10/10/2014

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