Ophir Gets Formal Approval to Farm-in to WHL's Offshore Seychelles Block



Australian energy company WHL Energy Limited (WHL Energy or the Company) announced Wednesday that the Republic of the Seychelles has signed formal documentation approving Ophir Energy plc’s (Ophir) previously reported farm-in to WHL Energy’s large offshore Seychelles exploration position. Under the agreement Ophir is farming-in to earn a 75 percent interest in WHL Energy’s offshore Seychelles petroleum exploration project area.

Vice-President Danny Faure was joined by a number of Republic of Seychelles dignitaries, including representatives of national petroleum regulator PetroSeychelles and Ambassador Barry Faure, at a special signing ceremony in the capital Victoria overnight Australian time.

During the ceremony, the Vice-President who signed on behalf of the President, whose responsibilities include the portfolio responsible for hydrocarbons, WHL Energy Managing Director David Rowbottam and Ophir Energy Commercial Director, Glenn Corrie, signed formal documentation approving the farm-in agreement including an amended Petroleum Agreement (PA). The amended PA includes variations to the minimum work commitments, extending the term of the current exploration period to July 31, 2016, a reduction in the size of the Seychelles permitted area controlled by the JV (joint venture) to 4,967 square miles (12,856 square kilometers) and the transfer of operatorship over the project areas to a subsidiary company of Ophir.

Ambassador Faure earlier said: “The Seychelles was pleased to have a company of Ophir Energy’s international standing and technical expertise join WHL Energy in the search for hydrocarbons off the country’s coastline."

“We believe there is potential for large amounts of oil and gas deposits to be found in Seychelles waters and we welcome the commitment and investment of companies like Ophir Energy and WHL Energy in searching for those potential riches."

“We look forward to this new Joint Venture moving forward in a timely manner to meet its commitments to explore in our water with great attention to environmental and technical excellence,” said Ambassador Faure.

Commenting on the signing of the final approvals, WHL Energy Managing Director David Rowbottam said: “This is a significant milestone in WHL Energy’s history and something we have been working very hard to achieve since late 2010, when the Seychelles interests were first acquired."


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