Hardman and Gaz de France Sign Guyane Farm-out
Under the terms of the agreement, Gaz de France will conduct and fund geophysical studies in the acreage to further reduce risks of selected exploration prospects and subsequently carry costs attributable to part of Hardman's remaining participating interest through the first exploration well. The agreement also provides two further options to Gaz de France: first, to exit the joint venture after completing the further geophysical studies; and second, the option for Gaz de France to increase its participating interest to 30%, shortly after completion of the first exploration well.
The Guyane Maritime EEL was awarded in June 2001 and has since been the subject of an extensive exploration program by Hardman. Over 9,000 line kilometers of 2D seismic data and 380km2 of 3D seismic data have been recorded in two campaigns, resulting in the identification of more than 20 prospects and leads. It is intended that the Matamata prospect would be the first to be drilled, and subject to contracting a suitable rig, drilling is expected in late 2007 or 2008.
The farm-out reduces Hardman's participating interest in the EEL from 97.5% to 77.5%. The farm-out is subject to the usual regulatory approvals and official rendering of the second period of the EEL. Hardman will remain as operator.
Commenting on the agreement, Hardman's MD and CEO, Simon Potter, said:
"The entry of Gaz de France into the Guyane Maritime permit brings new technical and cultural strengths to the venture. We welcome the participation of Gaz de France, and look forward to working jointly with them to advance hydrocarbon exploration within the Guyane maritime area."
Equities in the Guyane Maritime EEL on completion of the farm-out agreement, assuming that neither option is exercised, will become:
Pre Farm-Out Post Farm-Out Planet Oil Limited / Hardman France SAS (operator) 97.5 % 77.5 % Northpet Investments Limited 2.5 % 2.5 % Gaz de France SA --- 20.0 %
- ExxonMobil Racks Up Discoveries in Guyana Block Eyed by Chevron
- Oil Market Sentiment Has Improved Significantly
- EU, US Eye Collaboration on Nuclear Materials
- USA Driving Activity to Increase to All-Time Highs
- TC Energy to Sell Prince Rupert Gas Pipeline Project to First Nation
- EU Electricity Export to Ukraine Up 94 Percent in Two Years
- China Coal Output Falls for First Time since Government Ordered More
- BP Pulse Buys One of Europe's Largest Truck Stops
- UK CCUS Plans Outdated: Think Tank
- North America Enters Rig Loss Streak
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- EIA Drops 2024 Henry Hub Gas Price Forecast
- EIA and Standard Chartered Offer Up Latest Oil Price Predictions
- Red Sea Region Sees Another Watershed Incident
- Chevron Oil Project in Kazakhstan to Cost $48.5B
- OPEC Voices Encouragement after IEA Affirms Support for Oil Security
- Biden Govt Bares Strategy for Freight Charging, Hydrogen Fueling Infra
- Rystad Looks at the Buzz Around White Hydrogen
- Ukraine Hits Third Russian Refinery In Escalating Drone Strikes
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Is Peak Oil Demand Close?
- Vessel Sinks in Red Sea After Missile Strike
- JP Morgan, Standard Chartered Reveal Latest Oil Price Forecasts
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Rystad Forecasts Net Production of Top Permian Producers in 2024
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension