Tullow Oil Acquires Controlling Stakes In Four Ivory Coast Blocks

LONDON (Alliance News) - Tullow Oil PLC said on Thursday it has acquired 90% stakes in four on shore blocks covering 5,035 square kilometres in the Ivory Coast.

The four blocks are CI 518, CI 519, CI 301 and CI 302 and are located on the coastline of the country mostly to the west of the city of Abidjan. Ivory Coast's national oil company Petroci holds the remaining 10% interests.

Tullow said it believes the acreage will complement its existing exploration portfolio due to the blocks being located in a proven petroleum system, indicated by multiple oil seeps and past production from the Eboinda oil sands.

The company intends to start work immediately on the licences, allowing a full tensor gradiometry survey to start in 2018, the data from the survey used to assess the potential of the licences and guide future acquisition of seismic data.

"I am very pleased to have signed the licences for these blocks and look forward to exploring again in [Ivory Coast]. We have a long history in [Ivory Coast] having been in country since 1997 and I am excited about the potential that these blocks, with their proven petroleum system, offer," Chief Executive Officer Paul McDade.

Shares In Tullow Oil were up 0.3% at 186.73 pence on Thursday.

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