Ophir Energy Signs Comprehensive Farm-out Deal With OMV In Gabon - Quick Facts
Ophir Energy Plc, an Africa-focused independent oil and gas exploration business, Wednesday announced that it has entered into a comprehensive farm-out agreement with OMV covering its deepwater offshore blocks in Gabon.
Under the deal terms, OMV will acquire 30 percent non-operated interests in the Manga and Gnondo Blocks and 10 percent non-operated interests in the Mbeli and Ntsina Blocks. On completion, Ophir's retained stakes will be 70 percent operated interests in the Manga and Gnondo Blocks and 40 percent operated interests in the Mbeli and Ntsina Blocks. In consideration, OMV will pay past costs and a promoted share of the well costs on the Padouck Deep, Affanga Deep and Okala wells, the cost of two additional wells, as well as the cost of 3D seismic surveys which are planned across the Blocks. The company noted that further conditional promotes are payable in the event of success with the Padouck Deep or Okala wells. Completion of the deal is conditional on approval by the Government of Gabon.