Tullow Oil acquires stake in Gabon

Irish exploration firm Tullow Oil has acquired a 15% stake in the Gryphon Marin offshore oil field in Gabon.

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.