Two North Sea farm-out
deals were announced yesterday in another sign the mature UK basin can still generate fresh investment.
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.
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 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.
Significant transactions, such as divestments, farm-outs
Replenishment of PEMEX's reserves could improve as a result of recent and future reserves' farm-outs
and exploration joint ventures.
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.