Baraka holds a 25% interest in each agreement, with Statoil holding 60% and PFC holding 15%.
Statoil farmed in to PFC’s interest on the condition that it funds PFC’s share of exploration costs.
The operating committee under each agreement approved the 2014 work programmes by a majority vote, with Baraka abstaining.
The company has given notice that, if the work programmes are found as valid, it would not contribute its costs and would sell off a part of its 25% interest in each JOA.
Baraka
