Ophir Energy plc and Far Limited Agree on West African Offshore Assets


Ophir Energy plc (Ophir) announced that a Heads of Agreement (Agreement) has been entered into with ASX-listed FAR Limited (FAR). The Agreement enables FAR to immediately acquire a 10% interest in the AGC Profond PSC offshore Senegal and Guinea Bissau and gives Ophir the right to acquire a 25% interest in FAR’s three Senegalese licences.

AGC is “L’Agence de Gestion et de Coopération entre la Guinée-Bissau et le Sénégal” which is a joint commission with sovereign status set up by the governments of Guinea-Bissau and Senegal to administer the maritime zone between the two countries.

Highlights

  • FAR to acquire 10% interest in the AGC Profond PSC by contributing 15% of the cost of the first exploration well.
  • The semi-submersible rig “Maersk Deliverer” has been contracted to drill the Kora Prospect in AGC Profond during Q1 2011.
  • The well is targeting a prospect with gross P50 prospective oil resources of 553MMbbl1.
  • Ophir will earn the right to acquire a 25% interest in FAR’s Senegal licence areas covering an area of 7,490sq km.

Source: Ophir, October  18, 2010;

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