AFREN HAS SIGNED a farm-in agreement with Petrodel Resources for the Tanga block off Tanzania.
p>AFREN HAS SIGNED a farm-in agreement with Petrodel Resources for the Tanga block off Tanzania.
Under the agreement, Afren will gain a 74 per cent stake in the block by paying a percentage of back costs, funding the acquisition of 900 km of 2D seismic and carrying Petrodel through the drilling of one shallow-water exploration well subject to a cumulative cap on gross costs of US$40mn.
“The acquisition of an interest in the Tanga block further consolidates our significant East African exploration exposure,” Afren chief executive Osman Shahenshah said.
“The block represents an attractive opportunity to leverage our in-house knowledge and further explore along the same geological trends as blocks L17 and L18 that lie immediately to the north in Kenya, where Afren has a 100 per cent operated interest.”
