Tullow secures 50% interest in Angolan well

Oil company Tullow has been awarded a 50% operating interest in Block 1/06, a 3,800 sq km oil exploration concession in the lower Congo basin, offshore Angola.

Tullow expects to enter into a production-sharing contract with Sonangol E.P. in August 2006. A signature bonus of $10m (€7.8m) will be payable by the joint venture group.

Block 1/06, which extends from a water depth of 40m to approximately 300m, contains three undeveloped oil fields - Pitangueira, Bananeira and Sapesapeiro.

Tullow’s initial objective will be to evaluate the commerciality of these discoveries by drilling two wells on two of the structures in late 2007.