Tullow Concludes Farm-in Agreement on Block 10 with Sonangol
Tullow Oil has concluded a farm-in agreement with Sonangol E&P to assume a 15% interest in Block 10 offshore Angola effective from October 1, 2005.
Block 10 is located in the Southern Kwanza Basin and is operated by Devon Energy. The block is covered by good quality 3D seismic through which 2 prospects have been identified for drilling within the licence area. The first of these, the Ngueve prospect in a water depth of approximately 700m, is currently being drilled and is expected to reach its target in the near future. The second well, the Henda prospect in a water depth of approximately 400m, is scheduled to be drilled immediately after the first well is completed.
Commenting today, Aidan Heavey, Chief Executive of Tullow said:
'We are delighted to have the opportunity to expand our West African business into Angola, one of the major petroleum provinces in Africa. This is the first step in our strategy to gain a significant position in the country and we look forward to doing further business in the region.'
Tullow's NW Europe interests are primarily focused on gas in the UK Southern North Sea where it has significant interests in the Caister-Murdoch System and the Thames/Hewett areas. Tullow operates 60% of its production from these areas following the recent start-up of production from its Horne and Wren fields and the acquisition of the Schooner and Ketch assets.
In Africa, Tullow has production and exploration in Gabon, Cote d'Ivoire, Congo (Brazzaville) and Equatorial Guinea. Tullow also has exploration programs in Morocco, Mauritania, Senegal, Cameroon, Uganda and Angola.
In South Asia, Tullow has production and exploration interests in Pakistan and exploration activities in India and Bangladesh.
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