Irish exploration group Tullow Oil said today it has acquired a 30 per cent stake in an Algerian oilfield from AGIP.
The well is located in the eastern part of Algeria and is Tullow's first project in the country.
The original petroleum contract was executed between AGIP Algeria Exploration BV and Sonatrach in May, 1999.
The first exploration period will run for three years from May, 2000 until May 2003, during which a minimum of one exploration well will be drilled. The total amount of minimum investment during the three year period corresponds to $8 million.