Gulf Oil and Gas accountACCOUNT

Farm-out of EG-24 exploration licence

Source: www.gulfoilandgas.com 5/14/2018, Location: Africa

Share |
Ophir announces that it has entered into a farm-out agreement with Kosmos Energy covering the EG-24 exploration licence in Equatorial Guinea. Under the terms of the agreement, Kosmos will acquire a 40% non-operated interest in Block EG-24. In consideration Kosmos will fully carry Ophir for the cost of a block-wide 3D seismic survey, during the 1st exploration period of the licence. Furthermore Kosmos will partially carry Ophir for the cost of a well if the partners subsequently elect to drill a well in the 2nd period of the licence. Kosmos will also pay its pro-rata share of past costs.

Commencement of the seismic operations conducted by Shearwater is scheduled to begin 14th May 2018 using the Polar Marquis vessel. Completion of this transaction is conditional on approval by the Government of Equatorial Guinea. GEPetrol has a 20% carried interest in the EG-24 licence.

Nick Cooper, CEO, commented:
“Kosmos is a logical partner for us in EG-24 as its team have considerable prior experience of the Rio Muni Basin. Kosmos now operates the adjacent exploration blocks (W, S & EG-21) as well as retains a 50% interest in Kosmos-Trident Equatorial Guinea Inc., which operates the neighbouring Ceiba and Okume oil fields, which are up-dip from Block EG-24 and can offer infrastructure tie-backs if required. The farm-out reduces Ophir’s risk capital commitment and increases our monetisation options in line with our disciplined exploration strategy.”



Acquisitions and Divestitures News in Equatorial Guinea >>

United States >>  7/19/2018 - Diversified Gas & Oil PLC, the US based gas and oil producer, completed the acquisition of EQT Corporation's southern Appalachian producing gas and oi...
Papua-New Guinea >>  7/17/2018 - Oil Search has expanded its exploration portfolio in the onshore Gulf Basin, PNG. In July 2018, Oil Search executed a farm-in to PPLs 474, 475 and 476...

Australia >>  7/16/2018 - As part of portfolio rationalization, PTTEP announces the divestment of a 100% stake in the Montara field to align with the company’s business strateg...
Ireland >>  7/13/2018 - Providence Resources P.l.c., the Irish based Oil and Gas Exploration Company, provides a Licence Update on Frontier Exploration Licence (“FEL”) 2/14. ...

Indonesia >>  7/11/2018 - Chevron will exit the Makassar Strait gas block in the Indonesia Deepwater Development (IDD) offshore natural gas project to focus on more promising a...
United States >>  7/10/2018 - QEP Resources, Inc. announced that its wholly owned subsidiary, QEP Energy Company, has entered into a definitive agreement to sell natural gas and oi...

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 


Equatorial Guinea Oil & Gas 1 >>  2 |

More News

 

Oil & Gas Companies in Equatorial Guinea >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.