Petroleum Africa
Find us on: 
Friday, July 19, 2013
The completion of a farm in deal in the Seychelles that was expected to be announced soon will not be happening. According to WHL Energy, who was farming out a stake in its acreage in there, said the LoI signed with a “leading oil and gas” firm had been terminated.
The potential farminee notified the company that it was withdrawing from any further negotiations at this time as it has been unable to formalize its board approval for the deal. The original proposal was valued between $50 and $60 million and was considered by the company to be a fair reflection of the value the Company had placed on the Seychelles acreage.
The potential farminee had noted that timing issues on the proposed Seychelles farm in work commitments needing to compete with its large portfolio of global developments for funding at this time.
WHL Energy Managing Director, Steve Noske, said “That while the decision was disappointing, the potential farminee proposal had supported the company’s internal valuation and view regarding the prospectivity of the Seychelles. The proposed farmin transaction had also provided independent third party verification on the body of technical work completed by the company along with the valuation of the Seychelles acreage.”
WHL Energy will remain in contact with the proposed farminee. At the same time it is reconsidering its Seychelles strategy, including discussions with another party in regard to a potential agreement on a seismic acquisition in the Seychelles project area.
" alt="First LNG Realized at the Greater Tortue Ahmeyim Project">
" alt="United Energy Acquires Western Desert Producer APEX">
" alt="Baker Hughes Announces Major Gas Technology Orders for Venture Global LNG">
" alt="ReconAfrica: Naingopo Results Demonstrate a Working Petroleum System">
" alt="Tullow Highlights 2025 Operational Plans in Ghana">
" alt="TotalEnergies to Supply 1.5 TWh to STMicroelectronics in France Over 15 years">
" alt="Rockhopper Reaches Final Settlement with United on Egypt’s Abu Sennan Concession">
" alt="Oil & Gas Crucial for African Growth: AEC Calls for Industry Support to Defend African Market">
