Tullow Oil plc has concluded a farm-in agreement with Sonangol P&P to assume a 15% interest in Block 10 offshore Angola effective from 1st October 2005.
Block 10 is located in the Southern Kwanza Basin and is operated by Devon Energy. The block is covered by good quality 3D seismic through which 2 prospects have been identified for drilling within the licence area. The first of these, the Ngueve prospect in a water depth of approximately 700m, is currently being drilled and is expected to reach its target in the near future. The second well, the Henda prospect in a water depth of approximately 400m, is scheduled to be drilled immediately after the first well is completed.
Commenting today, Aidan Heavey, Chief Executive of Tullow said:
“We are delighted to have the opportunity to expand our West African business into Angola, one of the major petroleum provinces in Africa. This is the first step in our strategy to gain a significant position in the country and we look forward to doing further business in the region.”
