Yahoo Finance Tullow (TUWOY) Signs Ivory Coast Offshore Exploration Contract
Tullow Oil Plc TUWOY recently declared that it has signed a production sharing contract (PSC) for Ivory Coast's offshore exploration license CI-803. The U.K.-based, West Africa-focused oil and gas exploration firm will operate the license with 90% equity, with the remaining 10% interest owned by the local partner PetroCi Holdings.
Adjacent to the CI-524 license, which is also owned by Tullow (90%) and PetroCi (10%), the CI-803 offshore block covers an area of approximately 1,345 square kilometers. With the newly acquired license, Tullow strengthens its position in the Tano Basin, where significant prospects have been identified within the proven Cretaceous turbidite plays.
TUWOY stated that the work program for the initial two and a half years includes the reprocessing of existing 3D seismic data, along with prospect evaluation. Additionally, in CI-524, many drill candidates are being matured, while preparations continue for an exploration well to be drilled in 2024.
Tullow’s chief executive officer, Rahul Dhir, mentioned that the new license underscores the company’s solid commitment to investing and unlocking the resource potential on the Ivory Coast. “Our exploration strategy is focused around existing producing fields in basins where we have a differentiated understanding, in this case, through our deep understanding of the Tano Basin,” he ended.
Tullow Oil operates as an independent oil and gas exploration and production company in Europe. The company has a large portfolio of exploration and production assets, with a focus on balanced long-term growth. It is headquartered in London, the United Kingdom.
Tullow currently carries a Zacks Rank #2 (Buy). Investors interested in the energy space might also look at some other top-ranked stocks — Schlumberger SLB, Repsol REPYY and Halliburton HAL — each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
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The consensus mark for Repsol’s 2022 earnings stands at $4.34 per share, up 120.3% from the year-ago earnings of $1.97.
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