Australia's Far and partner Svenska Petroleum this week agreed new terms with Guinea Bissau state oil company Petroguin that included Far taking additional equity in the Sinapa and Esperanca licences, writes Barry Morgan.
Subject to government approval, Far will henceforth hold a 21.42% participating and paying interest in both permits, “reflecting the fact that Petroguin will no longer having a participating interest in the joint venture prior to commercial discovery”, said Far managing director Cath Norman
Upon commercial discovery, Petroguin will have a reduced participating and paying interest of 10%, with Far and Svenska retaining interests of 19.28%
