Suriname Operations and Licences

Operations

In February 2007 Tullow signed Production Sharing Contracts and related agreements with Suriname's State Oil Company, Staatsolie Maatschappij Suriname N.V. and its affiliate, Paradise Oil NV, in respect of a 40% title interest (36.5% economic interest) in the onshore Uitkijk and Coronie blocks.

The two blocks cover approximately 3,300 sq km and lie adjacent to Suriname's main producing oil fields, Tambanedjo and Calcutta, which collectively have over 1 billion barrels of oil in place and produce approximately 13,000 bopd.

Tullow will retain its interest via the funding of an initial exploration campaign of up to 25 wells, capped at a maximum expenditure of US$8.5 million. During 2007 a 5 well drilling programme was carried out in the Uitkijk block. Hydrocarbons were recorded in 3 of the 5 wells drilled.  A second phase of exploration is scheduled to commence in the fourth quarter of 2008 with 5 wells in the Uitkijk block followed by 5 wells on the adjacent Coronie block.

 

Licences

Licence	Area Sq Km	Tullow Interest	Operator	Other Partners
Uitkijk	757	*40.00%	Paradise Oil
Coronie	2,592	*40.00%	Paradise Oil

Note: * Tullow has a 40% title interest (36.5% economic interest)