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LONDON (Alliance News) - Ophir Energy PLC on Monday said it has agreed a farm-out deal with Kosmos Energy for the EG-24 exploration licence in Equatorial Guinea.
Kosmos is to acquire a 40% non-operating stake in the block, and will pay for it by carrying the cost of the 3D seismic survey of the site. It will also partially cover the cost of a well if they agree to drill one in future.
Seismic operations at the project are scheduled to begin on Monday.
Ophir Chief Executive Nick Cooper 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 as well as retains a 50% interest in Kosmos-Trident Equatorial Guinea Inc, which operates the neighbouring Ceiba and Okume oil fields, which are up-dip from Block EG-24 and can offer infrastructure tie-backs if required.
"The farm-out reduces Ophir's risk capital commitment and increases our monetisation options in line with our disciplined exploration strategy."
Ophir shares were up 0.6% on Monday at 63.40 pence each, while Kosmos shares were untraded, having last closed at 522.00p.