New Licence

RNS Number : 6522O

Tullow Oil PLC

15 October 2012

 



News Release

Farm-in agreement with Maersk Oil, offshore Greenland

15 October 2012 - Tullow Oil plc (Tullow) announces that Naalakkersuisut, Greenland's Government, has approved an agreement with Maersk Oil for Tullow to take a non-operated 40 per cent equity position in Block 9 (Tooq licence), Baffin Bay, north-western Greenland. Maersk Oil will continue to act as operator of the licence with a 47.5 per cent interest and Nunaoil, Greenland's state oil company, will hold a 12.5 per cent interest.

The Tooq licence covers an area of 11,802 square kilometres and the work programme for 2012-2014 includes the acquisition and processing of 3D seismic data. Seismic acquisition of some 1,850 square kilometres has been completed following the submission and approval of a full Environmental Impact Assessment and the results are being evaluated.

The decision whether or not to enter the next phase and drill an exploration well on the Tooq licence will be made after the seismic evaluation has been completed.

Angus McCoss, Exploration Director of Tullow, commented today:

"We are very pleased to be partnering with Maersk Oil and Nunaoil in this unexplored and highly prospective province. Our complementary skills and expertise will allow us to evaluate fully the potential of Block 9 in the initial seismic phase."

FOR FURTHER INFORMATION CONTACT:

Tullow Oil plc ([phone]) Chris Perry - Investor Relations James Arnold - Investor Relations George Cazenove - Media Relations

Citigate Dewe Rogerson ([phone]) Martin Jackson Grant Ringshaw Jack Rich

Murray Consultants ([phone]) Joe Murray Joe Heron

Tullow Group Overview

Tullow is a leading independent oil & gas, exploration and production group, quoted on the London, Irish and Ghanaian (symbol: TLW) stock exchanges and is a constituent of the FTSE 100 Index. The Group has interests in over 90 exploration and production licences across 23 countries and focuses on four core areas: Africa, Europe, South Asia and South America.

In Africa, Tullow has production in Ghana, Gabon, Côte d'Ivoire, Mauritania, Congo (Brazzaville) and Equatorial Guinea with two large appraisal and development programmes in Ghana and Uganda. Tullow also has exploration interests in Gabon, Côte d'Ivoire, Liberia, Sierra Leone, Mauritania, Senegal, Tanzania, Mozambique, Madagascar, Namibia, Kenya and Ethiopia.

Tullow's European interests are focused on gas in the UK Southern North Sea where it has significant interests in the Caister-Murdoch System and the Thames area and in the Netherlands where it has offshore gas production, development and exploration opportunities.

In South Asia, Tullow has exploration and production in Bangladesh and exploration interests in Pakistan. In South America, Tullow has exploration interests in Guyana, French Guiana and Suriname.

For further information please refer to our website at www.tullowoil.com.

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