Tuesday, 15 November 2016

TULLOW BUILDS A SECURE POSITION ON THE WEST AFRICAN MARGIN

A substantial prospect inventory in the Mauritanian offshore with significant oil potential has been built up by Tullow across a range of emerging plays. The company's plans for Mauritania were outlined at Africa Oil Week. Ahead of drilling and planned 3D seismic acquisitions, Tullow has decided to dilute part of its equity positions in the C-3, C-10 and C-18 licences. These licences offer an excellent strategic opportunity to gain access to underexplored oil plays with good fiscal terms.


Tullow holds an operated position in all three licences and is making up to 40 per cent interest available in each block. The licences cover and areas of more than 30,000 sq.km with water depths ranging from 100 to 2,000 meters and contains variety of plays to be tested, from inboard shallow water carbonates and clastics to deeper, undrilled Cretaceous fairways. There is only one firm well commitment on C-10 and a seismic commitment on C-18.


In the currently identified prospect inventory there is a multi-billion barrel upside potential with more to be defined by the current 2D seismic interpretation in C-18 and C-3. This highly prospective acreage provides an excellent strategic opportunity for a material position on C-18 and C-3. This highly prospective acreage provides an excellent strategic opportunity for a material position in a proven oil province. (Oil Review Africa)