Conoco Farms into Cairn's Senegal Blocks
UK independent Cairn Energy reported Thursday that it has farmed out to ConocoPhillips a 25-percent stake in three adjacent blocks offshore Senegal, West Africa.
The blocks are the Rufisque, Sangomar and Sangomar Deep, where a 788-square mile 3D seismic survey has been used to identify prospects.
Cairn said that an exploration campaign is targeting a block-wide potential resource of 1.5 billion barrels. Drilling is expected to begin in the first half of next year, with a two-well program that will use the Cajun Express (DW semisub) rig.
Cairn retains operatorship and a 40-percent interest in the blocks. Petrosen, the Senegal National Oil Company, retains a 10-percent interest.
Cairn Energy Chief Executive Simon Thomson commented in a company statement:
"Cairn is delighted to be joined in its frontier exploration program in Senegal by ConocoPhillips. The strategic farm-out means Cairn is able to intensify its plans to explore its acreage offshore Senegal, where the gross prospective block wide resource potential is estimated to be in excess of 1.5 billion barrels.
"The transaction is in line with Cairn's strategy of balancing material frontier exploration alongside sustainable levels of financial commitment."
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