Petronas, FAR complete farm-out offshore The Gambia
Aug. 28, 2018
The government of The Republic of The Gambia has approved FAR’s farm-out of 40% interest in petroleum licenses for offshore blocks A2 and A5 to Petronas.
Offshore staff
MELBOURNE, Australia – The government of The Republic of The Gambia has approved FAR’s farm-out of 40% interest in petroleum licenses for offshore blocks A2 and A5 to Petronas.
Under the terms of the farm-out agreement executed in February 2018, Petronas will fund 80% of the exploration well costs of theSamo-1 well up to a maximum total gross cost of $45 million.
In addition to the well costs, Petronas will pay FAR cash consideration of $6 million plus 80% of non-well back costs.
Petronas acquires a 40% working interest with FAR retaining 40% and operatorship.
