Tullow Oil to take 40% equity position in Tooq license, Greenland

10/15/2012

Tullow Oil to take 40% equity position in Tooq license, Greenland

LONDON -- Tullow Oil said Naalakkersuisut, Greenland's Government, has approved an agreement with Maersk Oil for Tullow to take a non-operated 40% equity position in Block 9, Baffin Bay, North Western Greenland.

Maersk Oil will continue to act as operator of the license with a 47.5% interest and Nunaoil, Greenland's state oil company, will hold a 12.5% interest. Tooq license covers an area of 11,802 square kilometers and the work program for 2012-2014 includes the acquisition and processing of 3D seismic data. Seismic acquisition of 1,850 sq km has been completed following the submission and approval of a full Environmental Impact Assessment and the results are being evaluated. Decision whether or not to enter the next phase and drill an exploration well on the Tooq license will be made after the seismic evaluation has been completed.

Dow Jones Newswires

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