Parex revealed on Friday that it had signed a farm-out agreement with an unnamed company covering its onshore Moruga Block.
It said the farmee had gained a 20% interest in the block with a $2 million payment. It can gain a further 31% stake if it pays 100% of Parex's costs to work-over the Snowcap-1 well and place it on production, all Parex's costs to drill, complete and test an exploration well on the block, as well as the costs related to drilling a second well within six months of the rig release from the first exploration well.
Parex
