The assignment of a 60 percent working interest in the Mer Profond Sud exploration area to SOCO, announced on 4 November 2013, has now received governmental approval, subject to regulatory approval to enter into the third and final period of the licence. Subsequent to obtaining the necessary approvals, the partners would look to drill an exploration well by early 2015.
Upon completion of the transaction, PA Resources will retain a 25 percent working interest in the licence, whilst the Congolese state oil company, SNPC, will retain its current 15 percent interest.
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