On 19 March 2019, BW Offshore announced thatâs its wholly owned BW Energy Gabon SA had entered into an agreement with the Gabon Oil Company (GOC) for the acquisition of a 10% interest in the Ruche EEA (Dussafu) production sharing contract. Tullow Oil Gabon has also exercised its back-in right.   The GOC transaction is subject to the fulfilment of certain conditions precedents, including approval from government. It entails payment by GOC of USD 28.5 million, representing a reimbursement equivalent to 10% of development and production costs from April 2017 and to-date. Upon completion of the initial agreement BW Energy will operate the permit with an 81.67 % interest, Panoro Energy holds an 8.33% interest and GOC holds a 10% interest.  GOC's interest will be retroactive from the date of First Oil, being 16 September 2018, and GOC will assume 10% of historical costs as authorised by government. GOC will contribute to cash calls for the development and production of the field and adhere to the joint operating agreement and lifting arrangements that are currently in force between the contracting parties.  Tullow has exercised its back-in right.   Upon completion of both agreements the interests in the licence will be as follows: BW Energy will operate the permit with an 73.5% interest, Tullow will hold a 10% interest, Panoro Energy a 7.5% interest and GOC a 9% interest.
GOC will acquire a 10% and Tullow 9% interest in the in the Dussafu off. licence after exercising back-in rights with  BW Offshore (->73,67% op, Panoro Energy 8,33%).