Afren Energy: Afren Energy
Ghana Ltd sign agreement with Eni Ghana E & P Ltd to farm in to
a 35% participating interest in the Keta Block, offshore Ghana
Energy Ghana Limited ("AFREN") have agreed to farm-out 38.89%
of its interest in the Keta Block, offshore Ghana to Eni Ghana Exploration
& Production Limited ("Eni") Antrim Energy Inc.
The farm down is subject to customary government and partner approvals.
Following such approvals, Afren will retain a 35% participating interest
and transfer operatorship to ENI. In consideration for the assignment
of the farm out interest, ENI has agreed to carry Afren's share of costs
associated with drilling one exploration well during the current exploration
period. Afren will also receive non drilling back costs and a carry
through a 3D seismic acquisition programme that forms part of the obligation
for the next licence phase. ENI is an experienced deep water operator,
has an established presence in Ghana where it is already actively engaged
in exploration activities and has a drilling unit available that could
spud an exploration well on the Keta Block as early as the third quarter
of this year. Not only is ENI's participation a strong endorsement of
the prospectivity, further demonstrated by NSAI's independent assessment,
but ENI now have in place an ideal partnership to unlock the substantial
potential that exists on the block.
acted as advisors to Afren plc.