Tullow Oil Reaches Pact With Gabon Over Onal Oil Licenses
October 08 2015 - 2:43AM
Dow Jones News
By Alex MacDonald
LONDON--Tullow Oil PLC (TLW.LN) said Thursday that it has
regained its 7.5% stake in the Onal Complex oil producing fields
and the Ezanga block, formerly the Omoueyi exploration block,
following an agreement reached with the government of Gabon.
In addition, Tullow has been granted licence extensions in the
Onal Complex fields until 2034 and has gained access to two small
oil discoveries made within the Ezanga block in 2014.
In return for access to these discoveries, Tullow has agreed
that the effective date of the new licence will be Aug. 1,
2015.
Tullow said that the successful conclusion of the agreement with
the government of Gabon allows Tullow to maintain its full-year
West Africa oil production guidance at 66,000 to 70,000 barrels of
oil a day.
"I am very pleased that this deal has been agreed which
guarantees Tullow's long-term future in Gabon," said Aidan Heavey,
chief executive of Tullow Oil. "We have had operations in Gabon for
over 10 years and I look forward to investing further in Gabon over
the coming decades."
-Write to Alex MacDonald at alex.macdonald@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
October 08, 2015 02:28 ET (06:28 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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