{"id":643,"date":"2014-03-04T06:52:45","date_gmt":"2014-03-04T06:52:45","guid":{"rendered":"http:\/\/oilnewskenya.com\/?p=643"},"modified":"2015-09-09T11:24:49","modified_gmt":"2015-09-09T11:24:49","slug":"whl-energy-signs-seychelles-farm-in-agreement-with-ophir-energy","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/whl-energy-signs-seychelles-farm-in-agreement-with-ophir-energy\/","title":{"rendered":"WHL Energy signs Seychelles farm-in agreement with Ophir Energy"},"content":{"rendered":"<p>Australian energy company WHL Energy Limited has signed a farm-in agreement with Ophir Energy plc under\u00a0which Ophir will farm-in to earn a 75% interest in WHL Energy\u2019s exploration interests offshore the\u00a0Seychelles.<\/p>\n<p>Under the terms of the farm-in, Ophir will fully fund the acquisition of 1,500km2 of 3D seismic, up to\u00a0a total amount of US$17 million for the Initial Seismic.<\/p>\n<p>On meeting the conditions of the farm-in\u00a0agreement, including formal regulatory approval by the Government of the Seychelles, Ophir will\u00a0pay WHL Energy US$4 million in cash for partial recovery of back costs.<\/p>\n<p>Following the acquisition and evaluation of the Initial Seismic, and on or before 31 July 2015 (or\u00a031 December 2015 if a seismic vessel has not commenced data acquisition by 31 May 2014), Ophir\u00a0may either withdraw from the farm-in or exercise the option to both:<\/p>\n<ul>\n<li>fully fund the acquisition of a further 1,000km2 of 3D seismic, up to a total amount of\u00a0US$12 million<\/li>\n<li>fund 90% of the costs of the first exploration well, up to a total amount of US$30 million.<\/li>\n<\/ul>\n<p>Upon exercising the option to retain its interests, Ophir will pay WHL Energy a further US$2 million in cash for further partial recovery of back costs.<\/p>\n<p>\u201cIn Ophir Energy, which has a strong global reputation for technical excellence and exploration\u00a0success \u2013 particularly in East and West Africa \u2013 the Company believes it has found an ideal partner.\u00a0The Company looks forward to working closely with Ophir to progress the Seychelles project to the\u00a0benefit of WHL Energy\u2019s shareholders and the people of the Republic of the Seychelles,\u201d\u00a0Said WHL Energy Managing Director, David Rowbottam.<\/p>\n<p>In preparation for the farm-in agreement the joint venture has already commenced or completed the following:<\/p>\n<ul>\n<li>Requested the approval of the Government of the Seychelles and its regulatory<\/li>\n<li>representative PetroSeychelles for the farm-in;<\/li>\n<li>Lodged the formal request to the Government of the Seychelles and PetroSeychelles for an<\/li>\n<li>amended and restated petroleum agreement, under which the minimum work commitments will be varied to undertake a phased 3D seismic program in 2014 and 2015 and extending other commitments and the term of the current exploration period to 31 July 2016; and<\/li>\n<li>Completed substantial technical, commercial and legal due diligence.\u00b7<\/li>\n<\/ul>\n<p>Following execution of the farm-in agreement, Ophir and WHL Energy will finalise current\u00a0negotiations for the completion of a fully documented Joint Operating Agreement to\u00a0undertake the agreed work program.<\/p>\n<p>\u201cThe Company is delighted to have secured\u00a0a farm-in partner of Ophir Energy\u2019s standing. Having a company with the record of Ophir Energy\u00a0partner together with WHL Energy to take the \u2018flagship\u2019 Seychelles project forward is a tremendous\u00a0milestone for the Company. Since acquiring the Seychelles interests in 2010 the Company has\u00a0worked extremely diligently to put together an exploration package that would attract a suitably\u00a0qualified international oil and gas company to join and further develop what the Company sees as a\u00a0world class asset. Achieving this great result has been most pleasing given the difficult farm out\u00a0market and current business climate.\u201d<\/p>\n<p>WHL Energy has already released an \u201cInvitation to Tender\u201d\u00a0for the Initial Seismic.<\/p>\n<p>Nick Cooper, CEO, commented, \u201cOphir\u2019s preferred exploration model is to secure large operated\u00a0positions, with significant running room, in frontier basins where the fundamental elements of a\u00a0hydrocarbon system are in evidence. We are therefore pleased to have executed this material new\u00a0basin entry into the offshore East Africa area. Our initial analysis already highlights a portfolio of\u00a0structural prospects and leads and we look forward to pursuing an active exploration programme in\u00a0the area to test this thesis.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Australian energy company WHL Energy Limited has signed a farm-in agreement with Ophir Energy plc under\u00a0which Ophir will farm-in to earn a 75% interest in WHL Energy\u2019s exploration interests offshore &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/whl-energy-signs-seychelles-farm-in-agreement-with-ophir-energy\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":644,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[11],"tags":[870,1925,1926,2027,2288,2734],"class_list":["post-643","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news","tag-farm-out","tag-ophir","tag-ophir-energy","tag-petroseychelles","tag-seychelles","tag-whl-energy","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/03\/seychelles.jpg?fit=472%2C421&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-an","jetpack-related-posts":[{"id":886,"url":"https:\/\/www.oilnewskenya.com\/index.php\/seychelles-signs-final-approval-for-whl-farmout-to-ophir-energy\/","url_meta":{"origin":643,"position":0},"title":"Seychelles signs final approval for WHL farmout to Ophir Energy","author":"Samuel Kamau Mbote","date":"April 16, 2014","format":false,"excerpt":"[twitter-follow screen_name='oilnewskenya'] Australian energy company\u00a0WHL Energy\u00a0has announced that the Republic of the Seychelles has signed formal documentation approving\u00a0Ophir Energy\u2019s\u00a0previously reported* farm-in to WHL Energy\u2019s large offshore Seychelles exploration position. Under the agreement Ophir is farming-in to earn a 75% interest in\u00a0WHL Energy\u2019s offshore Seychelles petroleum exploration project area. Vice-President Danny\u2026","rel":"","context":"In &quot;Top News&quot;","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/04\/seychelles1.jpg?fit=749%2C441&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/04\/seychelles1.jpg?fit=749%2C441&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/04\/seychelles1.jpg?fit=749%2C441&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/04\/seychelles1.jpg?fit=749%2C441&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":843,"url":"https:\/\/www.oilnewskenya.com\/index.php\/seychelles-approves-whl-energys-farmout-to-ophir\/","url_meta":{"origin":643,"position":1},"title":"Seychelles approves WHL Energy&#8217;s farmout to Ophir","author":"Samuel Kamau Mbote","date":"April 4, 2014","format":false,"excerpt":"Australian energy company\u00a0WHL Energy\u00a0has received notice that regulatory approvals will be granted for the previously reported farm-out agreement with\u00a0Ophir Energy. Under the agreement Ophir is farming-in to earn a 75% interest in\u00a0WHL Energy\u2019s offshore Seychelles petroleum exploration project area. Under the terms of the farm-out agreement, final approval was required\u2026","rel":"","context":"In &quot;Top News&quot;","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/04\/seychelles.jpg?fit=749%2C440&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/04\/seychelles.jpg?fit=749%2C440&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/04\/seychelles.jpg?fit=749%2C440&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/04\/seychelles.jpg?fit=749%2C440&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":1295,"url":"https:\/\/www.oilnewskenya.com\/index.php\/dolphin-geophysical-awarded-seychelles-3d-seismic-survey-contract\/","url_meta":{"origin":643,"position":2},"title":"Dolphin Geophysical awarded Seychelles 3D Seismic Survey Contract","author":"Samuel Kamau Mbote","date":"June 24, 2014","format":false,"excerpt":"[twitter-follow screen_name='oilnewskenya'] Australian energy company WHL Energy Limited has announced that Ophir Energy plc operator of the jointly held Seychelles exploration blocks, has contracted Dolphin Geophysical to undertake the 1500 km2 Junon 3D seismic survey over the Junon trend. Ophir Energy, as operator holds 75% equity in the Seychelles blocks\u2026","rel":"","context":"In &quot;Top News&quot;","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/06\/whl-energy.png?fit=393%2C238&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":4266,"url":"https:\/\/www.oilnewskenya.com\/index.php\/ophir-energy-exits-seychelles-acreage\/","url_meta":{"origin":643,"position":3},"title":"Ophir Energy Exits Seychelles Acreage","author":"","date":"January 17, 2016","format":false,"excerpt":"Australian Energy Company\u00a0WHL Energy a\u00a0joint venture partner in Blocks 5B\/1, 5B\/2 and 5B\/3 in Seychelles has announced that its farm-in partner and operator Ophir Energy has elected to exercise its exit option under the Deed of Novation, Amendment and Restatement Agreement dated 14 April 2014. The agreement between the Government\u2026","rel":"","context":"In &quot;Top News&quot;","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/07\/Junon-3D.png?fit=591%2C374&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/07\/Junon-3D.png?fit=591%2C374&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/07\/Junon-3D.png?fit=591%2C374&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":1512,"url":"https:\/\/www.oilnewskenya.com\/index.php\/ophir-energy-completes-seychelles-3d-seismic-survey\/","url_meta":{"origin":643,"position":4},"title":"Ophir Energy completes Seychelles 3D seismic survey","author":"Samuel Kamau Mbote","date":"July 29, 2014","format":false,"excerpt":"[twitter-follow screen_name='oilnewskenya'] Australian energy company WHL Energy Limited has announced the completion of 1,528 km2 Junon 3D seismic survey offshore Seychelles. The survey which is part of Ophir\u2019s farm-in to the Seychelles acreage took 36 days was in line with the 30-40 days estimated and within budget costing US$17m .\u2026","rel":"","context":"In &quot;Top News&quot;","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/04\/seychelles1.jpg?fit=749%2C441&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/04\/seychelles1.jpg?fit=749%2C441&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/04\/seychelles1.jpg?fit=749%2C441&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/04\/seychelles1.jpg?fit=749%2C441&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":1925,"url":"https:\/\/www.oilnewskenya.com\/index.php\/whl-energy-says-initial-data-from-junon-3d-seismic-data-encouraging\/","url_meta":{"origin":643,"position":5},"title":"WHL Energy says initial data from Junon 3D seismic data encouraging","author":"Samuel Kamau Mbote","date":"October 17, 2014","format":false,"excerpt":"Australian explorer\u00a0WHL Energy\u00a0has announced it received the initial 'fast-track' data volume from the\u00a0Junon 3D seismic survey acquired offshore the Seychelles by the\u00a0Ophir Energy\/WHL Energy JV\u00a0in July 2014. WHL says this post- stack migration volume is an intermediate product in the Pre-Stack Time Migration (PreSTM) processing of the 1,528 km2 Junon\u2026","rel":"","context":"In &quot;Top News&quot;","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/10\/junon.png?fit=800%2C421&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/10\/junon.png?fit=800%2C421&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/10\/junon.png?fit=800%2C421&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/10\/junon.png?fit=800%2C421&ssl=1&resize=700%2C400 2x"},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/643","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=643"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/643\/revisions"}],"predecessor-version":[{"id":3787,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/643\/revisions\/3787"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/644"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=643"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=643"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=643"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}