Australian explorer Woodside Petroleum has finalised a farm-in to the prospective basin of Lake Tanganyika in western Tanzania.
The deal with Beach Energy hands Woodside a 70% participating interest in the Lake Tanganyika South Block and the respective production sharing agreement.
The proposed work programme includes seismic studies, with an option for future drilling and operatorship.
“Securing this highly prospective acreage represents another step forward in building Woodside’s global exploration portfolio” said Peter Coleman, Woodside’s chief executive.
The agreement is subject to required government and regulatory approvals.
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