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Friday, 05 December, 2008, 17:10 GMT | more >>

First oil for Suriname venture



By Upstream staff 

The partners at the Paradise Oil-operated Uitkijk Block in Suriname have hit oil in the first of two wells being drilled in the area.

Further drilling and post-well study will be required to establish commercial viability, minor partner Key Petroleum said.

Australia-based Key holds a 1.75% free carried interest in two onshore Suriname permits – Uitkijk and Coronie – through an earlier agreement with Hardman Oil & Gas, now controlled by Tullow Oil

Paradise Oil, an entity controlled by the Suriname state oil company, has a 60% interest in the permit. Tullow holds the remaining 40%.


Monday, 06 August, 2007, 04:44 GMT  | last updated: Monday, 06 August, 2007, 04:50 GMT

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