(Ecofin Agency) - Tullow Oil a leading independent oil exploration and Production Company, focused on finding and monetizing oil in Africa and the Atlantic Margins says has reached an agreement with the Government of Gabon over its licences in the Onal Complex fields.

Subsequent to negotiations, Tullow has regained its 7.5% stake in the Onal Complex producing fields and the Ezanga block; formerly known as the Omoueyi exploration block.

Furthermore, Tullow has been approved of licence extensions in the Onal Complex fields until 2034 and has gained access to two small oil discoveries made within the Ezanga block in 2014. In return for access to these discoveries, it has been agreed upon that the effective date of the new licence will be 1st of August 2015.

However the successful conclusion of this matter allows Tullow to retain full year production guidance for West Africa at 66,000-70,000 bo/d.

“I am very pleased that this deal has been agreed which guarantees Tullow’s long-term future in Gabon. We have had operations in Gabon for over 10 years and I look forward to investing further in Gabon over the coming decades. Our West African non-operated portfolio, which has Gabon at its heart, continues to perform exceptionally well, providing important and stable production for the Group.” Aidan Heavey, Chief Executive Officer, Tullow Oil plc, told Energy-pedia