London-listed Melrose said it had agreed to farm-out 30% of its equity in the offshore Est Cobalcescu Block to Beach’s wholly-owned subsidiary, Beach Petroleum.
Melrose will remain as the operator with a 40% working interest while Petromar Resources SA will continue to hold a 30% stake.
Under the deal, Beach will pay a total of about $4.8 million to cover its proportionate share of past costs on the licence and carry Melrose’s share of a recently-completed 3D seismic survey.
Melrose
