Tullow Oil PLC on Wednesday said it signed a production sharing contract for offshore exploration in the Ivory Coast.
The London-based oil and gas exploration company said it will operate the CI-803 licence with 90% equity, while the remaining 10% will be held by local partner PetroCi Holdings.
The company said CI-803 encompasses 1,345 square kilometres, and is adjacent to CI-524, which is also held 90% Tullow and 10% by PetroCi.
The new licence strengthens the company’s position in the Tano basin, Tullow said, adding that ‘significant prospectivity has been identified within the proven Cretaceous turbidite plays’. The first two and a half years of the work programme will include the reprocessing of existing 3D seismic data and prospect evaluation.
Chief Executive Officer Rahul Dhir said: ‘This new licence underscores our strong commitment to investing in and unlocking the resource potential in Cote d’Ivoire. Our exploration strategy is focussed around existing producing fields in basins where we have a differentiated understanding, in this case through our deep understanding of the Tano Basin.’
In CI-524, drill candidates are being matured, and preparations continue for an exploration well to be drilled in 2024.
Tullow shares were up 0.4% trading at 36.54 pence per share on Wednesday morning in London.
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