Tullow enters agreement on its Gabon interest

Tullow Oil has announced its subsidiary, Energy Africa Gabon SA (EAGSA), has entered into a participation agreement with Forest Oil Gryphon Marin BV 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 acquisition of the 15% interest is subject to the approval of the Gabonese authorities.

Aidan Heavey, chief executive of Tullow Oil said: "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."

Tullow Oil is a leading independent international oil & gas exploration and production companies in Europe.

Tullow is quoted on the London and Irish stock exchanges (symbol TLW) and is a member of the FTSE 250 Index.

Tullow has interests in over 90 exploration and production licences spread over three core areas: UK North Sea, West Africa and South Asia. Tullow recently completed the acquisition of Energy Africa, which takes the number of countries in which Tullow is active to 16.