Gulf Oil and Gas accountACCOUNT

BowLeven Announces Farm-out of Epaemeno Block Interest to Addax Petroleum

Source: www.gulfoilandgas.com 4/10/2007, Location: Africa

Share |
BowLeven has announced that its wholly-owned subsidiary GGPC Gabon (Epaemeno) Ltd has entered into an agreement with Addax Petroleum Epaemeno Ltd, a wholly owned subsidiary of Addax Petroleum Corporation, to farm-out half of its existing 100% interest in the Production Sharing Contract (PSC) covering the 1,340 km2 Epaemeno Block located onshore Gabon. Under the terms of the PSC, the assignment requires the consent of the Government of Gabon.

In return for being assigned a 50% interest, Addax Petroleum has committed to spend the first $20 million of gross exploration costs on the block, equivalent to a $10 million carry for BowLeven. In addition, in the event of a commercial discovery, Addax Petroleum has committed to spend the first $16 million of development costs, equivalent to an $8 million carry for BowLeven.

It is intended that Addax Petroleum will become operator of the PSC and that BowLeven will provide technical support under a Technical Service Agreement (TSA). Under the TSA BowLeven will retain the role of carrying out seismic interpretation and will be responsible for proposing the location of exploration drilling to the joint venture.

Work is currently being undertaken to reprocess and re-interpret an old 2D seismic dataset, which exists over the Epaemeno contract area. Based on the outcome of this work BowLeven and Addax will decide whether it is necessary to acquire further seismic prior to proceeding with exploration drilling.

Addax Petroleum has interests in two adjoining blocks directly to the South of the Epaemeno contract area. Both of these blocks contain existing discoveries.

Acquisitions and Divestitures News in Gabon >>

United States >>  2/15/2018 - Oil Search advises that its acquisition of a 25.5% interest in the Pikka Unit and adjacent exploration acreage and a 37.5% interest in the Horseshoe B...
Australia >>  2/14/2018 - Woodside Petroleum said it would raise A$2.5 billion ($1.96 billion) from shareholders to fund the purchase of ExxonMobil Corp’s stake in the Scarboro...

Indonesia >>  2/14/2018 - Lion Energy, an ASX listed oil & gas exploration & production company focused on Indonesia, has advised it is undertaking a strategic review of its oi...
United States >>  2/14/2018 - LINN Energy, Inc. (LNGG) announces that it has signed a definitive agreement to sell its interest in conventional properties located in west Texas to ...

Australia >>  2/12/2018 - Carnarvon Petroleum has informed shareholders that it has been awarded the AC/P63 permit within the Southern Vulcan Sub-basin, on Western Australia’s ...
Kuwait >>  2/12/2018 - Kuwait Energy plc signed Block 9, Iraq Farm-out Agreement with Dragon Oil (a wholly-owned subsidiary of Emirates National Oil Company Ltd, the nationa...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Gabon Oil & Gas 1 >>  2 | 3 |

Oil & Gas Projects in Gabon >>

More News

 

Oil & Gas Companies in Gabon >>


Related Links

AO BJ BW CD CG CI CM DZ EG EH ET GA GH GM GN GQ GW KE LR LY MA MG ML MR MZ NA NE NG RW SC SD SL SN SO ST SZ TD TN TZ UG ZA ZM
Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Privacy Policy.