Petroleum Africa
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Wednesday, July 24, 2013
The minister of energy in Morocco, Fouad Douiri, has approved in principle the farm out of the Mazagan permit to a subsidiary of Freeport-McMoRan Oil & Gas (formerly Plains Exploration & Production), by Pura Vida Energy.
Pura Vida said the approval is a key step in finalizing the approval process for completion of the Mazagan farm out, with the remaining steps being administrative in nature. These final steps for government approval include the signing of an amendment to the petroleum agreement to introduce Freeport-MacMoRan Oil & Gas as a partner in the permit. The agreement between all the partners on the permit is expected to take place in early August.
Pura Vida anticipates completion of the approvals process shortly, with completion under the terms of the farm-out agreement to occur immediately thereafter. On completion of the deal, Pura Vida will receive a cash payment of $15 million under the terms of the agreement.
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