Ophir in EG farm-out to Kosmos

MALABO, May 14, 2018 – Ophir Energy has agreed to transfer a 40% stake in Block EG-24 offshore Equatorial Guinea to Kosmos Energy, the company announced on Monday.

In exchange, Kosmos will fully fund a 3D-seismic survey throughout the block and will share the cost of an optional well in the licence, as well as reimburse Ophir for its share of costs incurred to date, the release added.

“Kosmos is a logical partner for us in EG-24 as its team have considerable prior experience of the Rio Muni Basin,” Ophir CEO Nick Cooper said. “Kosmos now operates the adjacent exploration blocks (W, S & EG-21) 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.”

After the deal closes, Ophir will hold a 40% operated stake in the block, alongside partners Kosmos (40%) and NOC GEPetrol (20%). Exploration was scheduled to begin on Monday.

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