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Naalakkersuisut, the government of Greenland, has approved an agreement with Maersk Oil for Tullow Oil to take a non-operated 40% equity position in Block 9 (Tooq license), Baffin Bay, northwestern Greenland, Tullow announced.
Maersk Oil will continue to act as operator of the license with a 47.5% interest, and Nunaoil, Greenland’s state oil company, will hold a 12.5% interest, according to the news release
The Tooq license covers an area of 11,802 sq km (4,557 sq miles), and the work program for 2012-14 includes the acquisition and processing of 3D seismic data. Seismic acquisition of some 1,850 sq km (714 sq miles) has been completed following the submission and approval of a full environmental impact assessment and the results are being evaluated, the release stated.
The decision on whether to enter the next phase and drill an exploration well on the Tooq license will be made after the seismic evaluation has been completed.