Ophir Energy has entered into a comprehensive farm-out agreement with OMV covering its deepwater offshore blocks in Gabon.

Under the terms of the agreement, OMV will acquire 30% non-operated interests in the Manga and Gnondo Blocks and 10% non-operated interests in the Mbeli and Ntsina Blocks. On completion, Ophir's retained stakes will be 70% operated interests in the Manga and Gnondo Blocks and 40% operated interests in the Mbeli and Ntsina Blocks.

In consideration OMV will pay past costs and a promoted share of 1) the well costs on the Padouck Deep, Affanga Deep and Okala wells, 2) the cost of two additional wells and 3) the cost of 3D seismic surveys which are planned across the Blocks. Further conditional promotes are payable in the event of success with the Padouck Deep or Okala wells.

Tags: Ophir Energy