Det Norske Oljeselskap AS, a wholly owned subsidiary of DNO ASA, has signed a Sales and Purchase Agreement (SPA) to farm-out
parts of its working interests in eight licences on the Norwegian Continental Shelf to PA Resources Norway AS.
of 70% interest in Licensing Option ("LO") L016/19 in the South Porcupine Basin to a subsidiary of Cairn Energy pic which will fully fund a US$6 million work programme including the acquisition of 3D seismic over the licence which started in July 2017.
The Company holds a 100% working interest in all of its permits and application areas other than the Simpson, Pellinor, and Bejah prospect blocks within EP97 where the Company has a farm-in agreement with Rawson Resources Limited, and the Mt Kitty and Magee prospect blocks within EP125 and EP82 respectively which are the subject of a farm-out
to Oil and Gas Exploration Limited.
This new assignment gives the Nobilis-Maximino farm-out
a greater certainty and an increased financial feasibility to the projects to be developed in the area, as an integrated development is being created.
This transaction follows Carpentaria's earlier farm-out
of its Glen Isla Gold Project, the joint venture with the Hughenden Coal Project in the Galilee Basin, the sale of the Waterford Uranium Project, and also the recent farm-out
of the Mt Agate copper/gold project.
The commitment by BHP Billiton to fund between The farm-out
market for the Company's remaining Philippines permits continues to strengthen and Otto has received numerous expressions of interest in this acreage.
The onshore farm-outs
of Cardenas-Mora and Ogarrio produced an income of around 540 million dollars for Pemex, and it is anticipated that they will attract investments for over 1.
It is necessary to accompany all the foregoing with the goal of maximizing the possibilities that the energy reform provides to Pemex, particularly procedures such as farm-outs
, alliances and joint ventures, among others.
The company is focusing on upstream partnerships, or farm-outs
, to improve output in mature fields and areas where the company lacks the ability or capital to maximise production.
Respondents to PwC's study indicated that their companies will largely be relying on their own cash flows to fund their own businesses over the next 12 months, though E&P said that less than 40 per cent of funding is from cash flow, due to farm-outs
, or agreements with outside companies to develop and explore blocks of territory.
The company concentrates on young and emerging basins, de-risked through 2D and 3D seismic surveys, and aims to participate in multi-well drilling programmes through farm-ins, farm-outs
and M&A activity.