Ophir Energy plc (Ophir) announced that it has entered into an agreement with a subsidiary of Petróleo Brasileiro S.A. (Petrobras) over Ophir’s interests in Production Sharing Contracts (PSCs) covering the Mbeli and Ntsina Blocks offshore Gabon.
Subject to securing consent from the relevant Gabonese authorities, Petrobras will acquire 50% of Ophir’s interest in each of the PSCs by making a promoted contribution towards the cost of an agreed work programme. Under the agreement, Petrobras has committed to participate in an initial work programme which will include the acquisition of at least 2,000km2 of 3D seismic data. The acquisition and processing parameters will be specifically designed to image deep pre-salt potential that has not been the focus of previous exploration in the area.
After completion of the initial work programme, Petrobras may elect to continue and make a promoted contribution towards the first and second exploration wells to complete its earning obligations or withdraw from the PSCs. Petrobras has the right to elect to assume Operatorship of both PSCs.
[mappress] Source:Petrobras, June 17, 2011;