Kosmos will take a 40% stake in the exploration area, Block EG-24, and in return it will fully pay all of Ophir’s costs for a block-wide 3D seismic survey, in the first phase of exploration, and will partially cover Ophir’s share of costs for a well in the second phase.
The seismic survey is being conducted by the Polar Marquis vessel and it is due to start imminently.
"Kosmos is a logical partner for us in EG-24 as its team have considerable prior experience of the Rio Muni Basin,” said Nick Cooper, Ophir chief executive.
Cooper added: “Kosmos now operates the adjacent exploration blocks (W, S & EG-21) as well as retains a 50% interest in Kosmos-Trident Equatorial Guinea Inc, which operates the neighbouring Ceiba and Okume oil fields, which are up-dip from Block EG-24 and can offer infrastructure tie-backs if required.
“The farm-out reduces Ophir's risk capital commitment and increases our monetisation options in line with our disciplined exploration strategy."