London-based Ophir Energy said it has entered into a farm-out agreement with Kosmos Energy covering the EG-24 exploration license in Equatorial Guinea.
Under the terms of the agreement, Kosmos will acquire a 40 percent non-operated interest in Block EG-24.
In consideration, Kosmos will fully carry Ophir for the cost of a block-wide 3D seismic survey, during the first exploration period of the license, Ophir said in a statement.
Furthermore, Kosmos will partially carry Ophir for the cost of a well if the partners subsequently elect to drill a well in the second period of the licence. Kosmos will also pay its pro-rata share of past costs.
Commencement of the seismic operations conducted by Shearwater is scheduled to begin May 14, 2018, using the Polar Marquis vessel.
Ophir is developing the Fortuna FLNG project in Equatorial Guinea, while Kosmos is expecting to reach a final investment decision on another West African FLNG project it is developing with BP, by the end of the year.