4th Mar 2014 13:29
LONDON (Alliance News) - Ophir Energy PLC Tuesday said it has entered into an agreement with WHL Energy Ltd to acquire a 75% operated interest in two blocks off the coast of the Seychelles.
The oil and gas exploration company said in exchange for the interest in Blocks PEC-5B/1 and PEC-5B/2, Ophie will repay back costs to WHL of USD4 million and fund the acquisition of 1,500 kilometres squared worth of 3D seismic data.
The company said that if it elects to retain its interest in the licences beyond mid-2015, it will pay further contributions towards the next exploration phase.
Ophir said the agreement secures space in an oil-prone frontier basin in which multiple leads have been seen from existing 2D seismic data.
The company said the acquisition is conditional on the Government of Seychelles providing consent and approval of an amended and restated petroleum agreement under which the interest is held.
Ophir Energy shares were up 1.6% to 317.30 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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