Petroleum Africa
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Monday, April 3, 2017
FAR Ltd. and CNOOC UK signed an Area of Mutual Interest (AMI) agreement covering selected licenses offshore Senegal and The Gambia. The AMI provides FAR and CNOOC UK with agreed arrangements to partner in evaluating, bidding, negotiating and managing JVs on farm-in and open acreage opportunities for oil and gas licenses. The AMI agreement period is for two years.
This agreement positions FAR to further expand its portfolio and establish itself as one of the major players in the rapidly emerging Mauritania-Senegal-Guinea-Bissau (MSGB) offshore basin. The MSGB basin is attracting the attention of the world’s oil “majors”.
Just prior to the announcement of the AMI between FAR and CNOOC UK it was announced that FAR farmed into Erin Energy’s blocks A2 and A5 offshore The Gambia. Under the agreement Erin is farming 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.
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