Tullow Oil to Farm-in Agreement to Block 24 in Angola

Source: www.gulfoilandgas.com 1/6/2006, Location: Africa

Tullow Oil plc has concluded a farm-in agreement with Ocean Angola Corporation, a subsidiary of Devon Energy, to assume a 15% interest in Block 24 offshore Angola. Block 24 is located in the Southern Kwanza Basin and is operated by Devon Energy. The Block is situated immediately to the west of Block 10, where Tullow also has a 15% interest and recently participated in two wells.

Block 24 is situated in water depths of between 750 and 1,600 metres and is covered by good quality 3D seismic. Following on from the recent wells drilled in Block 10, the Kabetula-1 prospect was selected for drilling and was spudded on 22 December.

The Kabetula-1 prospect, situated close to the northern and eastern boundaries of the block, tested a Lower Miocene objective. The well reached its total depth of 1,818 metres on 30 December but failed to discover hydrocarbons and is consequently being plugged and abandoned.

Commenting today, Aidan Heavey, Chief Executive of Tullow said: “The recent exploration wells on Blocks 10 and 24 demonstrate the high risk nature of exploration in the Southern Kwanza Basin. However, the entry into these large Blocks, which are likely to yield further high impact prospects, is part of a long term commitment by Tullow to building a business in Angola. Tullow is currently in an active phase of drilling and over the next 12 months will participate in over 20 exploration wells worldwide”.


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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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