Gulf Oil and Gas accountACCOUNT

Farm-out of EG-24 exploration licence

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

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 >>

Brazil >>  9/17/2020 - Petrobras, informs that it has started the opportunity disclosure stage (teaser), referring to the sale of all its shares in the company Araucária Nit...
United Kingdom >>  9/16/2020 - IGas Energy has entered into a share purchase agreement ('SPA') to acquire GT Energy UK, a developer of deep geothermal heat projects onshore in the U...

Australia >>  9/15/2020 - Further to the previous announcement of 15 June 2020, Armour Energy has advised that agreement has been reached with Oilex to defer the date for the s...
Colombia >>  9/15/2020 - Petrobras, following up on the releases disclosed on 07/27/2020 and 08/11/2020, informs the beginning of the binding phase regarding the sale of its e...

Australia >>  9/14/2020 - - Definitive documentation for farmout to Talon Petroleum executed.

- Walyering appraisal well to be added to CY21 Perth Basin drilling pro...

Bermuda >>  9/14/2020 - Seadrill Limited announces its acquisition of the minority holding of 33.76% of the share capital of Asia Offshore Drilling Limited (“AOD”).

...


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

Related Links

Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.