The sale, which will see the company’s stake in the PSC rise to 19%, is subject to shareholder approval. Lion is to pay the seller, Gulf Petroleum Investment, USD 32 million upfront, USD 7.2 million once a full field development plan is approved and a further USD 4.8 million once the project achieves first gas.
The PSC includes the Lofin gas find with 2C contingent reserves of 57.2 bcm (2.02 tcf) of gas and 18.2 million boe of condensate and Oseil oilfield with remaining reserves of 4.1 million barrels of crude.
“This opportunity is a game changer for Lion and, subject to funding and completion, will springboard the company into a significant regional gas player on the basis of reserves once commercialisation milestones are satisfied on the massive Lofin gas and condensate discovery,” Tom Soulsby, the company’s executive chairman, said in a statement.
Citic Resources operates the PSC with a 41% stake, with remaining partners Petro Indo Mandiri holding 30% and PT GHJ Seram 10%.
The UK's hydrocarbons regulator has awarded 31 new exploration licences in the country's North Sea waters, Reuters reported on Friday Read More
ExxonMobil announced the closing of its USD 60-billion acquisition of Pioneer Natural Resources on Friday, a move that solidifies its… Read More
BP-Eni joint venture Azule Energy has entered a strategic farm-in agreement with Rhino Resources in Namibia's offshore Orange Basin, the… Read More
Africa-focused energy group Chariot has spudded the RZK-1 exploration well on the Gaufrette prospect at the Loukos Onshore licence in… Read More
Touchstone Exploration has acquired Trinidad-focused Trinity Exploration & Production in an all-shares deal, the Canadian upstream player said on Wednesday Read More
ExxonMobil is "optimistic and pushing forward" with the Rovuma LNG project in Mozambique and eyes an FID by the year's… Read More
This website uses cookies.