Tullow Oil’s Authorization for block Z-64

CMS Grau advised Tullow Oil plc y Tullow Peru Limited Sucursal del Perú on the process.

Tullow Oil has agreed terms to add six new licenses covering 28,000 sq km offshore Peru to its portfolio.

The company has concluded negotiations with Perupetro and agreed to acquire a 100% stake in Blocks Z-64, Z-65, Z-66, Z-67 & Z-68.

The terms of the agreement between Tullow and Karoon include Tullow funding 43.75% of the cost of the first exploration well, capped at $27.5 million (at 100%), beyond which Tullow will pay its 35% share. Tullow will also pay $2 million upon completion with a further $7 million payable upon declaration of commercial discovery and submission of a development plan to Perupetro.

CMS Grau advised Tullow Oil plc and Tullow Peru Limited Sucursal del Perú on the transaction with Carlos D. Hamann (Picture), Augusto Astorga, Paola Carbajal, Alejandro Diez Canseco and Rodrigo Flores.

Involved fees earner: Augusto Astorga – CMS Grau Abogados ; Paola Carbajal – CMS Grau Abogados ; Alejandro Diez Canseco – CMS Grau Abogados ; Rodrigo Flores Benavides – CMS Grau Abogados ; Carlos Hamann García Belaúnde – CMS Grau Abogados ;

Law Firms: CMS Grau Abogados ;

Clients: Tullow Oil plc;

Author: Ambrogio Visconti.