Tullow snags new deepwater license offshore South America's Suriname

Source: Tullow Oil

Tullow Oil has signed a Heads of Agreement with Staatsolie in relation to Block 47, a 2,369 square kilometer deepwater exploration license offshore Suriname. This South American coutnry borders Brazil, which has proven extremely prolific oil in its deepwaters.

The Suriname signing will enable the parties to finalize a Production Sharing Contract for the Block 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 company's medium-term exploration program in the Equatorial Atlantic region of South America.

Tullow will operate the license 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."

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