Petroleum Africa
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Thursday, June 13, 2013
WHL Energy reported that it has reached an agreement with the Seychelles government on the terms related to a proposed farm-in by a leading multinational petroleum company into its acreage offshore the country. The government approval, including a proposed change of operatorship for the offshore licenses and proposed amendments to work schedules related to the WHL Energy permits, are a major condition precedent set out in a LoI between WHL Energy and the proposed farminee – aside from final board approval.
As highlighted in a guidance to the market, one of the key conditions for progressing the proposed farm-in was the receipt of approval from the Seychelles government and regulators for a change in operatorship and amendments to the work program related to WHL Energy’s acreage. WHL Energy also reported it expected to recover some back-costs providing the binding proposal is acceptable to both the WHL Energy Board and the farminee’s Board.
“This is a significant milestone in the detailed process to conclude the farmout agreement. WHL Energy is very pleased with the progress that has been achieved in completing this major condition precedent that will now allow for completion of the due diligence process leading to a binding agreement,” WHL Energy MD, Steve Noske, said.
“We would particularly like to thank the government of the Republic of the Seychelles and PetroSeychelles Ltd. for their careful and considered support of the proposals put to them,” Noske added.
The company said that the time-table for a final decision on those agreements remains at the discretion of the proposed farminee. The farminee has requested confidentiality until a binding proposal is approved by the board of the company. WHL Energy will keep the market informed of any further material developments in accordance with its disclosure obligations.
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