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 >>

Cameroon >>  3/30/2020 - Tower Resources plc, the AIM-listed oil and gas company with its focus on Africa, is pleased to announce updates in respect of its Thali Production Sh...
Canada >>  3/30/2020 - As announced on 18 December 2019, the acquisition of the Wizard Lake assets would proceed in stages. Stage 1 was completed on 23 December 2019 with SB...

United States >>  3/30/2020 - Given current market conditions, Shell announces it will not proceed with an equity interest in the proposed Lake Charles LNG project. Accordingly, En...
Australia >>  3/26/2020 - 3D Oil has announced that ConocoPhillips Australia and TDO’s wholly owned subsidiary, 3D Oil T49P have executed a Joint Operating Agreement ('JOA') in...

Australia >>  3/26/2020 - Real Energy, an Australian east coast focused gas company with interests in the Cooper and Surat Basins has announced that the Queensland Government h...
Georgia >>  3/26/2020 - Block Energy Plc has entered into a sale and purchase agreement ("SPA") with Schlumberger B.V. to acquire its subsidiary Schlumberger Rustaveli Compan...

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.