Exploration group Tullow Oil today said it will drill an exploration well on the Kiarsseny Marin Licence, offshore northern Gabon, following the farm-out of a 42.5 per cent interest in the block to Addax Petroleum.
Drilling of the Kiarsseny Topaze South well will start later this month and will test a southern extension of the proven Topaze field oil accumulation.
"Tullow's West African assets are at the core of our international growth strategy and we will continue to seek opportunities in this region," said chief executive Mr Aidan Heavey.
"The Topaze well is part of an active exploration programme for the first half of 2004 covering all of Tullow's core areas, with other wells also drilling or imminent in Bangladesh and the UK."
Tullow agreed to assign a 42.5 per cent interest in the licence to Addax Petroleum Gabon Ltd, a wholly owned subsidiary of Addax, through its wholly owned subsidiary, Tullow Gabon Operations Ltd.
Tullow will continue as operator of the licence and will hold the remaining 57.5 per cent interest. As part of the transaction, Addax will bear the drilling costs of the KTS-1 well.
The transaction is subject to the approval of the Government of Gabon.
AFP