Tullow seals Angola agreement

Tullow Oil has concluded a farm-in agreement with Ocean Angola Corporation, a subsidiary of Devon Energy, to assume a 15% interest in Block 24 offshore Angola.

Block 24 is located in the Southern Kwanza Basin and is operated by Devon Energy. The Block is situated immediately to the west of Block 10, where Tullow also has a 15% interest and recently participated in two wells.

Tullow boss Aidan Heavey said: "The recent exploration wells on Blocks 10 and 24 demonstrate the high risk nature of exploration in the Southern Kwanza Basin. However, the entry into these large Blocks, which are likely to yield further high impact prospects, is part of a long term commitment by Tullow to building a business in Angola.

"Tullow is currently in an active phase of drilling and over the next 12 months will participate in over 20 exploration wells worldwide."

Tullow will open at €4.21 today on the ISEQ.