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Exxon moves in on Namibia, page-2

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gridder

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558

02/02/18

07:30

Post #: 30756583
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Originally posted by rocketminer ↑

Galp farms down 40% in Namibia PEL 82 to ExxonMobil
Thursday, Feb 01, 2018

Galp informs that it is in the process of farming-down a 40% participating interest in the Petroleum Exploration License (PEL) 82 in Namibia to an ExxonMobil subsidiary.

Following the conclusion of the transaction, both Galp and ExxonMobil will hold a 40% interest in the license, and Galp will maintain the operatorship. The National Petroleum Corporation of Namibia (NAMCOR) and Custos, a local Namibian company, each hold a 10% stake in the license.

The license is located in the Walvis basin and covers an area of 11,444 sq km in water depths ranging from 300 m to 2,000 m.

The transaction conclusion is subject to satisfaction of customary conditions precedent, including the approval of the relevant competent Namibian authorities.

http://www.youroilandgasnews.com/galp farms down 40% in namibia pel 82 to exxonmobil_147460.html

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This sits (PEL 82) directly south of PEL 37.

PCL Price at posting: 0.6¢ Sentiment: Hold Disclosure: Held
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