Petroleum Africa
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Tuesday, June 20, 2017
African Petroleum updated its previously announced non-binding heads of terms (HoT) and a binding exclusivity agreement regarding the farm out of interests in the company’s acreage in Senegal and The Gambia.
The HoT and the exclusivity agreement are with an unnamed, well funded, listed oil and gas company with a strong track record in offshore deep-water drilling.
African Petroleum and the incoming party have been working together to finalize negotiations with the governments of Senegal and The Gambia, to continue due diligence and negotiate farm-in documentation. The company said that while good progress has been made to date, the period of exclusivity in the has been extended for a further six weeks until July 20 in order to ensure there is adequate time to complete this process.
The HoT and exclusivity agreement provide a framework for the incoming third party to secure a 70% operated interest in the company’s SOSP production sharing contract in Senegal and the A1 and A4 licenses in The Gambia.
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