Tullow Oil, the independent oil major, has sold a 30% stake in its exploration operations in Suriname to the Norwegian company Statoil.
Suriname, a country on the northeastern coast of South America, claims its resources are virtually unexplored with only 22 exploration wells drilled in an area of approximately 150,000 square km.
Tullow is looking for black gold off-shore in the imaginatively named "Block D". A 2000 square kilometre seismic survey of the block is due to start immediately and the investment from Statoil will reduce Tullow's risk.
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
Commenting on the deal Angus McCoss, Exploration Director at Tullow said the deal "reflects our approach to sharing geological risks and realising early value in an exciting frontier exploration campaign."
In further news Tullow also reported that its Teak-3A appraisal well off the coast of Ghana has been a success. The well confirmed a northern extension of the Teak discovery on the West Cape "Three Points" Block .
Tullow shares are up 5.87% on the year and 229% over the last five years. Since the open they have fallen 0.45%
BS
-
Which UK region has the most in savings? Average savings by areaThe amount people have in their savings differs from region to region in the UK. How does your nest egg compare to those living nearby?
-
Doug and Mary Perkins: Specsavers’ clear-sighted foundersHelped by the deregulation of the sector in the 1980s and brilliant advertising, Mary Perkins and her husband Doug have taken Specsavers to the top of the optometry market
