8th Oct 2015 06:26
LONDON (Alliance News) - Tullow Oil PLC Thursday said it has regained its 7.5% stake in the Onal Complex fields and the Ezanga block in Gabon after the company reached an agreement with the government.
"I am very pleased that this deal has been agreed which guarantees Tullow's long-term future in Gabon. We have had operations in Gabon for over 10 years and I look forward to investing further in Gabon over the coming decades," said Chief Executive Aidan Heavey.
The FTSE 250-listed oil producer has been in talks with the government regarding the Onal Complex fields and the Ezanga exploration block, formerly known as the Omoueyi exploration block, throughout 2015.
Following the talks, Tullow has also secured a new licence for the Onal Complex fields that started on August 1 2015 and will expire in 2034. It said it has also gained access to two small oil discoveries made within the Ezanga block in 2014.
Production at the field had continued in the first half of 2015, but Tullow had not included the production, around 2,000 barrels per day net to Tullow, in its first half results. Tullow said it has included the Onal fields to its full year guidance for West Africa, which aims to be between 66,000 to 70,000 barrels of oil per day.
"Our West African non-operated portfolio, which has Gabon at its heart, continues to perform exceptionally well, providing important and stable production for the group," said Heavey.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Tullow Oil