Tullow awarded four licences in Cote d'Ivoire

08:35 12/10/2017
StockMarketWire.com - Tullow Oil has acquired 90% stakes in four onshore blocks in Cote d'Ivoire.

Petroci, the national oil company of Cote 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 Cote d'Ivoire mostly to the west of Abidjan.

Tullow believes 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 Cote 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.

At 8:35am: (LON:TLW) Tullow Oil PLC share price was +0.9p at 187p

Story provided by StockMarketWire.com



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