Oryx has entered into a farmout agreement with Total for its 30% interest in the Haute Mer B exploration licence offshore Congo (Brazzaville) for a cash consideration of USD8 million. Total has an existing 34.6% alongside Chevron (20.4%) and SNPC (15%).
The farmout is effective from 1st January - Total will reimburse for any costs incurred year-to-date, estimated to be c.USD5 million. The deal is anticipated to close before the end of June and is subject to the waiver of partner pre-emptive rights and government approval.
Two prospects and eight leads have been identified on Haute Mer B with unrisked prospective resources of 160mmbbl.
Oryx's remaining asset offshore Congo is a 20% participating interest in Haute Mer A, which is a deepwater exploration licence operated by CNOOC (45%). The other partners are CPC (20%) and SNPC (15%).
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