Petroleum Africa
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Monday, February 17, 2014
FAR Ltd. has received payment from Cairn Energy in the amount of $5 million in relation to the farm-out of its offshore Senegal assets.
Under the farm-out agreement Cairn will drill two back-to-back exploration wells with the first expected to spud in Q1.
These target unrisked best estimate prospective resources of 1.5 billion barrels of oil.
FAR had in 2013 announced two major farm-in agreements with ConocoPhillips and Cairn that secured full funding for the two exploration wells and net cash payments of about $10 million while retaining a 15% working interest in the permits.
ConocoPhillips and Cairn will hold 35% and 40% respectively. Petrosen, Senegal’s state run oil firm, has a 10% carried interest through this exploration phase.
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