Ophir Withdraws from Seychelles Farm-in Agreement with WHL Energy

Source: www.gulfoilandgas.com 1/16/2016, Location: Africa

Australian energy company WHL Energy refers to the farm-out agreement between Ophir Seychelles (Areas 1, 2 and 3),PetroQuest International and WHL Energy dated 4 March 2014. In accordance with the provisions of the FOA, Ophir has elected to exercise its exit option thereunder. In reference to the Deed of Novation, Amendment and Restatement Agreement dated 14 April 2014 between the Government of the Republic of Seychelles, PetroSeychelles, Petroquest International and Ophir relating to Blocks 5B/1, 5B/2 and 5B/3, Ophir, in accordance with the terms of the Petroleum Agreement, has elected to exercise its exit option thereunder.

Under the terms of the Petroleum Agreement, the Blocks revert back to the Seychelles Government. PetroSeychelles have formally notified PQI that the Petroleum Agreement dated 14 April 2014 relating to Blocks 5B/1, 5B/2 and 5B/3 is terminated.

WHL Energy is currently in discussions with the Seychelles Government to continue its participation in the Blocks and will update the market in due course of the outcome of these discussions.

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