more great news for tullow holders

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"Tullow Oil is set to step up exploration work at its first toehold in South America.
The Anglo-Irish explorer said it hopes to transfer its West African experience into exploration success at the acreage it obtained in Suriname and French Guyane when it acquired Hardman Resources.
In Suriname, Tullow recently signed a production sharing agreement with state-run Staatsolie and its Paradise Oil unit, and will likely begin drilling at the Uitkijk block in July as part of a 15 to 25-well campaign with Paradise.
An exploration source said Uitkijk looks to be a "good prospective block", since it is next to Suriname's biggest field, Tambaredjo, which produces about 12,000 barrels of 15 to 17 degrees API crude per day.
The 180 million barrel Tambaredjo, in the northern district of Saramacca, has been producing since the early 1980s.
In Guyane, Tullow will focus on exploring prospects in the west of its offshore Guyane Maritime exploration licence, particularly Matamata, a large structural closure on the Demera Plateau.
Tullow holds about 9000 kilometres of 2D seismic and 380 square kilometers of 3D seismic data on the play and recently completed environmental studies.
The company will next carry out a controlled source electromagnetic survey of the Matamata prospect and is not expected to turn the drillbit until 2008, the source said.
Tullow holds a 97.5% stake in the Guyane Maritime licence, which covers about 35,200 square kilometres.
Gaz de France has agreed to farm into the play for a 20% stake, while London-listed Northern Petroleum's partially-owned upstream investment unit Northpet is the other existing partner.