Following negotiations with Perupetro the company will take 100% stakes in blocks Z-64, Z-65, Z-66, Z-67, and Z-68.
All the agreements are subject to approval by the Peruvian Ministry of Energy and Mines and Ministry of Economy and Finance, but formal signing should follow later in the current quarter.
In addition, Tullow has agreed to farm into 35% of Karoon Gas Australia’s interest in the Z-38 license, again pending government approval.
The new acreage contains numerous attractive leads and prospects, Tullow said, and Z-38 - already covered by 3D seismic - includes the Marina prospect. This could be drilled in 2019.
Currently the company is processing 6,500 sq km (2,509 sq mi) of 3D seismic acquired last year on itsKanuku and Orinduik licenses offshore Guyana in order to develop potential prospects. Drilling could begin in late 2018.
In block 54 off neighboring Suriname, the company’s Araku-1 well last October was unsuccessful although it did prove the presence of a new petroleum system in the Demerara plateau.
Tullow has secured a two-year extension for adjacent block 47 and could drill the Goliathberg prospect in 2019.
Last November, the company agreed to farm down 20% of its 100% interest in the Walton Morant license offshore Jamaica to United Oil & Gas. A nine-month extension to the license term will allow a 2,100-sq km (811-sq mi) 3D survey to begin in April.