Independent oil and gas exploration firm African Petroleum has extended an exclusivity agreement regarding the farm out of its operated licenses in Senegal and the Gambia.
The company signed an agreement for the sites in April this year, and announced that the deal was with a “well funded” oil and gas company with a “strong track record” in offshore drilling.
The company said today that good progress has been made to date, but the period of exclusivity has been extended for a further six weeks until 20 July, to ensure adequate time to complete the process.
The agreement provided a framework for the incoming third party to secure a 70% operated interest in the company’s production sharing contract in the countries.
African Petroleum said that they have been working with the third party to finalise negotiations with governments, to continue due diligence and negotiate in-farm documentation.
Recommended for you
