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Tullow Oil Buys Land in Ivory Coast for Oil Exploration

By Carlo Martuscelli Dow Jones Newswires

Tullow Oil PLC (TLW.LN) on Thursday said that it has acquired a 90% stake in four onshore blocks in Ivory Coast, with the remaining 10% held by the country's oil-and-gas company, Petroci.

The four blocks comprise an area of 5,035 square kilometers (1,944 suare miles) on the Ivorian coastline and are located in a proven oil system, as shown by multiple oil seeps and past production, Tullow said.

The company added that it will begin a survey in early 2018 to assess the licenses' potential.

The acquisition will add to the company's existing exploration portfolio, Tullow said.

Write to Carlo Martuscelli at carlo.martuscelli@dowjones.com

(END) Dow Jones Newswires

October 12, 2017 02:37 ET (06:37 GMT)