05 August 2013, News Wires – UK player Tullow Oil has notified authorities in Guinea of its intent to move into the third and final three-year exploration phase at its acreage offshore the west African country.
The explorer is planning a wildcat on a deep-water fan prospect during the first quarter of 2014, junior partner Hyperdynamics said.
As part of the new licence running from 21 September this year to 21 September 2016, Tullow Oil will also relinquish a quarter of the 25,000-square kilometre patch back to Guinea, the US independent added.
Tullow Oil operates the licence on a 40% stake with Hyperdynamics on 37% and Dana Petroleum on 23%.
Originally the operator, Houston-based Hyperdynamics was unsuccessful with the first wildcat on the acreage, Sabu 1, which ran into difficulties that ramped up costs and ultimately saw Tullow Oil brought in after a November 2012 farmout.