Under a farm-out agreement, Tullow will take over as operator and be assigned a 65% interest in the exploration block by fully carrying Pancontinental through extensive 2D and 3D seismic programmes, as well as the drilling of an exploration well (should a drillable prospect be identified).
Tullow is also required to reimburse Pancontinental for 65% of past costs incurred.
Pancontinental will retain a 30% stake in the asset.
