On 14 May 2018, operator Ophir Energy plc (Ophir) entered into a farm-out agreement with Kosmos Energy Ltd (Kosmos) regarding exploration block EG-24. Kosmos is expected to acquire a 40% non-operated interest in the tract, where the company will fully carry Ophir for the cost of an imminent 3D seismic survey. Furthermore, Kosmos will partially carry Ophir for the cost of a possible well to be drilled during the second exploration period. Kosmos will also pay its pro-rata share of past costs.  Upon completion of the deal (subject to governmental approval), block EG-24 will be operated by Ophir with 40% interest, alongside with Kosmos (40% WI). GEPetrol will have a 20% stake, with the option to increase this by another 10% if a commercial discovery is made.   Ophorâs CEO Nick Cooper commented: âKosmos is a logical partner for us in EG-24 as its team have considerable prior experience of the Rio Muni Basin. The farm-out reduces Ophirâs risk capital commitment and increases our monetisation options in line with our disciplined exploration strategy.â  Ophir signed a Production Sharing Agreement for the undrilled 3,543 sq km block EG-24 in October 2017, after having won the bid for the tract in early June 2017. The area was part of the EG Ronda 2016 licensing round.
On 14 May 2018, operator Ophir Energy plc (Ophir) entered into a farm-out agreement with Kosmos Energy Ltd (Kosmos) regarding exploration block EG-24. Kosmos is expected to acquire a 40% non-operated interest in the tract, where the company will fully carry Ophir for the cost of an imminent 3D seismic 