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Tullow Oil given more time to decide whether to drill well offshore Jamaica

Tullow Oil has been given more time to decide on whether to drill a well at an offshore block in Jamaica's Walton Morant Basin. 
 
The company is also in talks to farm-out some of its share in the block.
 
The news of the extension was shared Tuesday morning by United Oil & Gas, (UOG) Tullow's partner, which owns a 20% stake in the license.
 
According to UOG, the extension of the Initial Exploration Period is required for a further six months. 
 
The Initial Exploration Period was due to expire on January 31 this year, at which point a commitment to drill an exploration well would have been required to move into the next phase of the license. 
 
With the extension to the Initial Exploration Period, the Joint Venture now has until July 31, before the drill-or-drop decision is required. 


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