Ophir Energy plc and Far Limited Agree on West African Offshore AssetsPosted on Oct 18th, 2010 with tags Africa, Agree, Assets, Energy, Far, Limited, News, Ophir, Plc, Senegal, West African.
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 Coop��ration entre la Guin��e-Bissau et le S��n��gal�� 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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