Tullow Takes On Block Offshore Suriname

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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. The signing will enable the parties to finalize a production-sharing contract for the block. Tullow plans to acquire seismic data during 2011 and anticipates drilling wells, as part of its 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. Staatsolie, the state oil company, has the option to participate during the development and production phases with a 20% interest.


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