suriname drilling, page-5

Tullow Oil released their results tonight and had this snippet to say on Suriname:

Onshore activity mainly focused on continued preparation for the Coronie drilling programme which is now due to commence in mid September. Having fulfilled all contractual obligations on the Uitkijk Block, Tullow returned its equity to Paradise Oil in June 2011 and no longer retains any equity in the block.


KEY has (had?) a 1.75% interest in the Uitkijk Block through Tullow Oil so what does this mean for us? Do we no longer have any interest at all in Uitkijk?

NB: Paradise Oil is the state owned oil company which previously had 60% interest in Uitkijk.

1.75% of 4 to 6m barrels of oil is better than most of our other assets.