4th Nov 2013 10:39
LONDON (Alliance News) - SOCO International PLC Monday said it has entered an agreement to farm-in to a 60% working interest of the Mer Profonde Sud permit, offshore the Republic of Congo.
The global oil-and-gas exploration-and-production company said it acquired the stake from PA Resources AB in return for carrying some of PA Resources' costs in the project.
SOCO said it will become the operator of the project and will drill an exploration well in the remaining licence period at the site, which will target producing reservoirs similar to those in neighbouring Angola.
SOCO said that following the deal, which is subject to necessary agreements and regulatory approval, the company would look to drill the well in 2014-2015.
Following the transaction, PA Resources Congo SA will retain a 25% working interest in the site, whilst the Congolese state oil company SNPC, will retain its current 15% interest.
SOCO International shares were up 1.1% to 405.50 pence Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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