Petroleum Africa
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Wednesday, April 25, 2018
Oryx Petroleum revealed that one of its wholly-owned subsidiaries entered into a farm-out agreement with a unit of Total which provides for the transfer of the company’s 30% participating interest in the Haute Mer B license offshore the Republic of Congo.
Subject to closing, Oryx Petroleum’s interests in Haute Mer B will be transferred for cash consideration of $8 million, payable at closing. The transfer will have an effective date of January 1, 2018.
As a result, Total has agreed to reimburse Oryx for costs incurred between January 1and the date of the farm out agreement and to carry its share of costs from the date of the agreement to the closing of the transaction. This is expected to result in a further payment of approximately $5.3 million.
Oryx remains responsible for any losses attributable to and arising from Haute Mer B operations prior to January 1.
The transaction is expected to close before the end of June.
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