Irish oil titan Tullow Oil is to take a stake in Block 9 (Tooq licence), Baffin Bay, north-western Greenland, which is operated by Maersk Oil.
Tullow will take a 40% stake, putting its interest just behind Maersk's at 47.5%; Greenland's state oil company, Nunaoil, holds the remaining interest in the licence.
The Tooq licence covers an area of 11,802 square kilometres and the work programme for 2012-2014 includes the acquisition and processing of three-dimensional seismic data.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Seismic acquisition of some 1,850 square kilometres has been completed following the submission and approval of a full environmental impact assessment and the results are being evaluated.
The decision on whether to enter the next phase and drill an exploration well on the Tooq licence will be made after the seismic evaluation has been completed.
JH
-
Saba Capital and Boaz Weinstein respond to investment trustsAs investment trust managers and industry experts accuse Saba of self-motivated opportunism, the hedge fund responds to specific "misleading claims" and sets out its stall
-
How to find top-quality companies with growing dividendsIan Mortimer, portfolio manager of Guinness Global Equity Income Fund, shares where he would put his money for sustainable and growing dividends
