Kosmos agrees to co-fund offshore Equatorial Guinea seismic survey
May 14, 2018
Kosmos Energy has agreed to acquire a 40% interest from Ophir Energy in the EG-24 exploration license offshore Equatorial Guinea.
Offshore staff
LONDON – Kosmos Energy has agreed to acquire a 40% interest from Ophir Energy in the EG-24 exploration license offshore Equatorial Guinea.
Under the proposed transaction, Kosmos will cover Ophir’s share of the cost of a block-wide 3D seismic survey during the license’s first exploration period of the licence:Shearwater’s vesselPolar Marquis was due to start acquisition today.
In addition, Kosmos will part-carry Ophir for the cost of a well in the second period and will also pay its pro-rata share of past exploration costs.
Completion of the farm-out remains conditional on approval by Equatorial Guinea’s government: state-owned GEPetrol has a 20% interest in the license.
Nick Cooper, Ophir’s CEO, said: “Kosmos is a logical partner for us in EG-24 as its team have considerable prior experience of the Rio Muni basin. Kosmos now operates the adjacent exploration blocks (W, S and EG-21) as well as retaining a 50% interest in Kosmos-Trident Equatorial Guinea, which operates the neighboring Ceiba and Okume oil fields, which are up-dip from block EG-24 and can offer infrastructure tiebacks if required.”
