REG - Tullow Oil PLC Tullow Oil PLC - FP Tullow Oil PLC - NP - New licences in Côte d'Ivoire <Origin Href="QuoteRef">TLW.L</Origin>

Tullow OilAnnouncement

12/10/2017 07:01

RNS Number : 4090T
Tullow Oil PLC
12 October 2017
News Release
 
Tullow awarded four licences in Cte d'Ivoire
12 October 2017 - Tullow Oil plc (Tullow) is pleased to announce that it has acquired 90% stakes in four onshore blocks in Cte d'Ivoire. Petroci, the national oil company of Cte d'Ivoire, holds the remaining 10%. The four blocks - CI 518, CI519, CI301 and CI302 - cover 5,035 square kilometres and located on the coastline of Cte d'Ivoire mostly to the west of Abidjan. 
Tullow believes that this acreage will complement the Group's existing exploration portfolio as the blocks are located in a proven petroleum system, indicated by multiple oil seeps and past production from the Eboinda Oil Sands. If commercial discoveries are made, the maturity of Cte d'Ivoire's oil industry suggests a relatively short and low-cost path to production. Tullow intends to initiate work immediately on these licences to allow a full tensor gradiometry (FTG) survey to start in early 2018. This early survey data will be used to assess the potential of the licenses and guide future acquisition of seismic data. 
Tullow has worked in Cte d'Ivoire for 20 years both as an explorer and as a producer and holds a non-operated position in the Espoir field which produces approximately 4,000 bopd net to Tullow. 
Paul McDade, Chief Executive Officer, commented today: 
"I am very pleased to have signed the licences for these blocks and look forward to exploring again in Cte d'Ivoire. We have a long history in Cte d'Ivoire having been in country since 1997 and I am excited about the potential that these blocks, with their proven petroleum system, offer."
FOR FURTHER INFORMATION CONTACT:
Tullow Oil plc 
(London)
(+44 20 3249 9000)
Chris Perry (investors)
Nicola Rogers (investors)
George Cazenove (media)
Murray Consultants 
(Dublin)
(+353 1 498 0300) 
Pat Walsh
Joe Heron
Notes to Editors
 
Tullow Oil plc
Tullow is a leading independent oil & gas, exploration and production group, quoted on the London, Irish and Ghanaian stock exchanges (symbol: TLW). The Group has interests in over 80 exploration and production licences across 17 countries which are managed as three business delivery teams: West Africa, East Africa and New Ventures. 
Follow Tullow on:
Twitter: www.twitter.com/TullowOilplc  YouTube: www.youtube.com/TullowOilplc
Facebook: www.facebook.com/TullowOilplc  LinkedIn: www.linkedin.com/company/Tullow-Oil
Website: www.tullowoil.com 

This information is provided by RNS
The company news service from the London Stock Exchange
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