Ophir Energy has signed a farm-out agreement to divest 40% of its non-operated interest in the EG-24 exploration licence located in Equatorial Guinea to Kosmos Energy.
Located offshore Rio Muni, the EG-24 licence lies to the west of Ceiba and Okume fields and covers an area of 3,537km².
Kosmos Energy will bear the entire cost of the 3D seismic survey over the block during the first exploration period, as well as the partial cost of a well if partners elect to drill during the second period of the licence.
Based in the UK, Ophir Energy is an oil and gas exploration and production company, while Kosmos Energy is also an oil and gas exploration and production company based in Bermuda.
The transaction will expand Kosmos Energy’s oil and gas assets portfolio in Equatorial Guinea.
Australian oil and gas company Carnarvon Petroleum has agreed to raise A$16m ($12m) through the private placement of 123 million shares priced at A$0.13 ($0.1) a share.
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Institutional and sophisticated investors will subscribe to the placement.
The company concurrently plans to issue A$4m ($3m)-worth shares priced at A$0.13 ($0.1) a share in a share purchase plan (SPP). Each shareholder will be entitled to subscribe to shares priced up to A$15,000 ($11,247.5), as part of the transaction.
The proceeds from the transactions will be used towards the drilling and development costs of the Buffalo oil field and for general working capital needs.
Energy XXI Gulf Coast (EGC) has signed an agreement to divest its certain non-core oil and gas properties located off the coast of Gulf of Mexico, US, to Orinoco Natural Resources (ONR).
EGC will issue shares representing 35% equity ownership and 9% second lien notes worth $100m, as part of the transaction.
EGC will also pay $12.5m in cash upon completion of the transaction and an additional $12.5m cash after six months of closing the deal. The transaction will be completed by the third quarter of 2018.
Based in the US, EGC is an oil and gas company, while ONR is an exploration and production company also based in the US.
The deal will help EGC to reduce its debts, enhance profits and financial stability and boost its growth.
Chinese firms have shown interest in acquiring exploration rights in oil and gas blocks owned by Abu Dhabi National Oil Company (Adnoc) located onshore and offshore UAE under a partnership model.
The company is looking for partners to boost its partnership in the energy sector and bidders to secure the exploration rights and develop any discoveries from the blocks.
The blocks, covering an area of approximately 30,000km², are expected to contain billions of barrels of oil and trillions of cubic feet of natural gas.
The bids are due in October and the first round is expected to be completed this year.