Tullow Oil plc (Tullow) announced that Naalakkersuisut, Greenland's Government, approved an agreement with Maersk Oil for Tullow to take a non-operated 40 percent equity position in Block 9 (Tooq license), Baffin Bay, north-western Greenland. Maersk Oil will continue to act as operator of the license with a 47.5 percent interest and Nunaoil, Greenland's state oil company, will hold a 12.5 percent interest.
The Tooq license covers an area of 4,557 square miles (11,802 square kilometers) and the work program for 2012-2014 includes the acquisition and processing of 3D seismic data. Seismic acquisition of some 714 square miles (1,850 square kilometers) has been completed following the submission and approval of a full Environmental Impact Assessment and the results are being evaluated.
The decision whether or not to enter the next phase and drill an exploration well on the Tooq license will be made after the seismic evaluation has been completed.
Angus McCoss, Exploration Director of Tullow, commented:
"We are very pleased to be partnering with Maersk Oil and Nunaoil in this unexplored and highly prospective province. Our complementary skills and expertise will allow us to evaluate fully the potential of Block 9 in the initial seismic phase."
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