Oil and gas producer Afren has completed a farm-out agreement with Lekoil for a 17.14 per cent participating interest in the OPL 310 licence located offshore Nigeria.
Under the terms of the farm-out, Afren will receive a total carry of up to $50m in respect of an exploration well currently being drilled at the Ogo prospect and a planned side-track well.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Osman Shahenshah, Chief Executive Officer of Afren, said: "We are delighted to have successfully concluded a farm-out on OPL 310, offshore Nigeria and welcome Lekoil as a partner in exploring the significant potential of this under-explored region of the West African Transform Margin."
MF
-
How to pay in a chequeReceiving or writing a cheque has become much less common in recent years as instant bank transfers have grown in popularity. Amid widespread bank branch closures, we explain what to do if you get a cheque, and how you can pay one into your bank account.
-
Crypto assets of seven million UK investors at risk – how to keep yours safeCryptocurrency wallet rules make it hard to track down assets after someone has died, even if they leave a will saying who they would like to inherit them
