Go for Tullow’s Albertine farm-down

Green light: Tullow chief executive Aidan Heavey

BLOOMBERG

By Barry Morgan London

 24 February 2012 01:39 GMT

Tullow Oil’s $2.9 billion farm-down of its Albertine Graben acreage in Uganda to Total and China National Offshore Oil Corporation (CNOOC) finally went through this week, resulting in one third equity shares for each company across the play.

Tullow will continue to operate Block 2, Total will operate Block 1, with CNOOC left to operate the Kanywataba and Kingfisher ­licences, formerly Block 3A.

Total said the partners will initially focus on exploring Kanywataba and Block 1 acreage west of the Nile.

Immediate exploration priorities include drilling the Kanywataba prospect, a series of prospects west of the Nile river starting with the Omuka well in Block 1 and further appraisal work in both blocks 1 and 2.

Tripartite development options for the entire area will jointly be presented to the government of Uganda…

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