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Tuesday, March 28, 2017
Erin Energy entered into a definitive farm-out agreement with FAR Ltd. for a stake in blocks in The Gambia. The farm out is in regards to Erin’s offshore A2 and A5 blocks.
Under the agreement Erin will farm out an 80% interest in the blocks. For a purchase price of $5.18 million. FAR will also carry Erin’s $8 million share of costs in a planned exploration well to be drilled in late-2018.
In addition, if Erin’s share of the exploration well is less than $8.0 million, the balance is to be paid in cash to the company.
The two blocks are adjacent and on trend with FAR’s SNE oil field offshore Senegal.
In 2017 Erin Energy and FAR plan to undertake reprocessing and interpretation of 3D seismic data recently acquired by the company to further mature identified prospects on Blocks A2 and A5. Erin acquired 1,504 sqkm of modern 3D seismic data and has identified prospects on the blocks, which are similar to the “shelf edge” play FAR is targeting in its offshore Senegal blocks.
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