Australian energy company WHL Energy Limited (WHL Energy or the Company) referred Friday to the farm-out agreement between Ophir Seychelles (Areas 1,2 and 3) Limited (Ophir), PetroQuest International Incorporated and WHL Energy Limited dated March 4, 2014 (FOA). In accordance with the provisions of the FOA, Ophir has elected to exercise its exit option thereunder.
In reference to the Deed of Novation, Amendment and Restatement Agreement dated April 14, 2014 between the Government of the Republic of Seychelles (the Government), PetroSeychelles Limited (PetroSeychelles), PetroQuest International Incorporated (PQI) and Ophir (the Petroleum Agreement) relating to Blocks 5B/1, 5B/2 and 5B/3 (the Blocks), Ophir, in accordance with the terms of the Petroleum Agreement, has elected its exit option thereunder.
Under the terms of the Petroleum Agreement, the Blocks revert back to the Seychelles Government. PetroSeychelles have formally notified PQI that the Petroleum Agreement dated April 14, 2014 relating to Blocks 5B/1, 5B/2 and 5B/3 is terminated.
WHL Energy Limited is currently in discussions with the Seychelles Government to continue its participation in the Blocks and will update the market in due course of the outcome of these discussions.
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