ConocoPhilips is to farm into three of Cairn Energy's blogs off the coast of Senegal. The deal, subject to government approval, will see Conoco taking a 25% stake in three contiguous blocks, with Cairn retaining a 40% stake and ownership.
Terms of the deal have not been disclosed, although Conoco will pay a portion of back costs on the block along with future exploration charges.
Exploration work is targeting up to 1.5billion barrels on the sites, with a proposed two-well programme. Drilling work by the Cajun Express rig is due to start in the first half of 2014.
No comments:
Post a Comment