Tullow farms in to Tooq licence off cost of Greenland

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.

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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.

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