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Kosmos Energy Ltd Finalizes Offshore Agadir Farm-Out Agreements with BP


Tuesday, 15 Oct 2013 07:00am EDT 

Kosmos Energy Ltd announced that it has entered into three farm-out agreements with BP plc, covering three blocks in the Agadir Basin, offshore Morocco. Under the terms of the agreements, BP will acquire a non-operating interest in each of the Essaouira Offshore, Foum Assaka Offshore and Tarhazoute Offshore blocks. BP will fund Kosmos` share of the cost of one exploration well in each of the three blocks, subject to a maximum cost per well. In the event a second exploration well is drilled in any block, BP shall pay a disproportionate share of the well cost subject to a maximum cost per well. BP shall also pay its proportionate share of past costs. Completion of the transactions is subject to customary closing conditions, including Moroccan Government approvals. 

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18 Dec 2014