Kosmos taking stake in Ophir’s E. Guinea block. Will pay for seismic work

Africa-focused oil and gas company Ophir has entered into a farm-out agreement with Kosmos Energy covering the EG-24 exploration license in Equatorial Guinea.

Kosmos will acquire a 40% non-operated interest in Block EG-24, and will, in turn, will fully carry Ophir for the cost of a block-wide 3D seismic survey, during the 1st exploration period of the license.

Furthermore, Ophir said on Monday, 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 license. Kosmos will also pay its pro-rata share of past costs.

The start of the seismic operations conducted by Shearwater is scheduled to begin May 14,  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 license.

Nick Cooper, Ophir CEO, said: “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 neighboring 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 monetization options in line with our disciplined exploration strategy.”

Share this article

Follow Offshore Energy Today

Events>

<< Jan 2019 >>
MTWTFSS
31 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

Fuel Cell Expo 2019

FC EXPO is world’s largest show for hydrogen & fuel cell…

read more >

LNG Bunkering Summit 2019

LNG Bunkering Summit will cover the obstacles facing both the shipping and port communities…

read more >

Egypt Petroleum Show

This event will feature 500+ regional & international exhibiting companies from over 35 countries…

read more >

IoT in Oil & Gas 2019

The IoT in Oil & Gas 2019 Conference will continue to focus on helping operators…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply