Tullow Oil snaps up new Ivory Coast acreage
Tullow Oil has acquired 90pc stakes in four onshore blocks in the Ivory Coast. The country's national oil company, Petroci, will hold the remaining 10pc.
The four blocks - CI 518, CI519, CI301 and CI302 - cover 5,035 sq km, and are located on the coastline of the Ivory Coast, mostly to the west of Abidjan.
Tullow said the new acreage will complement its exploration portfolio, as the blocks are located in a proven petroleum system, indicated by multiple oil seeps and past production from the Eboinda Oil Sands.
Tullow, which has worked in the Ivory Coast for 20 years both as an explorer and producer, said that it intends to initiate work immediately on these licences to allow a full tensor gradiometry survey to start year next year.
Tullow shares were unchanged yesterday.