Tullow Oil plc (Tullow) announces that Naalakkersuisut, Greenland’s Government, has approved an agreement with Maersk Oil for Tullow to take a non-operated 40 per cent equity position in Block 9 (Tooq licence), Baffin Bay, north-western Greenland.
Maersk Oil will continue to act as operator of the licence with a 47.5 per cent interest and Nunaoil, Greenland’s state oil company, will hold a 12.5 per cent interest.
The Tooq licence covers an area of 11,802 square kilometres and the work programme for 2012-2014 includes the acquisition and processing of 3D seismic data. Seismic acquisition of some 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 licence will be made after the seismic evaluation has been completed.
Angus McCoss, Exploration Director of Tullow, commented today:
“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.”
[mappress] Press Release, October 15, 2012