Tullow Oil plc is pleased to announce that its wholly owned subsidiary, Energy Africa Gabon SA (EAGSA) has entered into a participation agreement with Forest Oil Gryphon Marin B.V. (“Forest”) whereby EAGSA will earn a 15% working interest in the Gryphon Marin permit in the southern Gabon offshore. This working interest is additional to EAGSA’s existing option on a 10% participation in the event of a commercial development. Partners in the licence are Forest (40%, Operator), PetroSA (25%) and Paladin (20%).
The Gryphon Marin Permit is located in shallow water and covers an area of 9,764 square kilometres. The exploration programme will include reprocessing of existing
3D seismic data, acquisition of additional 3D data and the drilling of an exploration well in 2005.
The acquisition of the 15% interest is subject to the approval of the Gabonese authorities.
Aidan Heavey, Chief Executive of Tullow Oil said: “The interest acquired in the Gryphon Marin Permit adds to our exploration portfolio in Gabon. We believe Gabon offers significant growth opportunities for Tullow and look forward to working with the partner group to realise the potential for commercial oil accumulations in the permit.”
