Tullow Oil has acquired 90 per cent stakes in four onshore blocks in Ivory Coast that covers 5,035 sq-km to the west of Abidjan.
The four blocks - CI 518, CI519, CI301 and CI302 are located on the coastline of Ivory Coast. Petroci, the national oil company of Ivory Coast, holds the remaining 10 per cent.
Tullow said in a statement that it believes that this acreage will complement the Group’s existing 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 intends to initiate work immediately on these licences to allow a full tensor gradiometry (FTG) survey to start in early 2018. This early survey data will be used to assess the potential of the licenses and guide future acquisition of seismic data.
Paul McDade, chief executive officer, commented: "I am very pleased to have signed the licences for these blocks in Abidjan and look forward to exploring again in Côte d’Ivoire. I am excited about the potential that these blocks, with their proven petroleum system, offers."
Tullow holds a non-operated position in the Espoir field which produces approximately 4,000 bopd net.