The Senegalese national oil company Petrosen is set to sign a $400 million farm-in agreement with Kosmos Energy and Timis Corporation.
Reuters reported on Saturday that Petrosen was set to sign the farm-in agreement with Kosmos Energy and Timis Corp. regarding its Cayar and St. Louis blocks, located offshore Senegal.
The news agency said that Kosmos Energy has committed to drill two exploration wells and the cost of drilling of these two wells is estimated to be up to $240 million worth. The next step would to either drill a third well or first appraisal well for a value of another $120 million.
Reuters has also reported that Kosmos will undertake a 3D seismic survey over the two blocks which is expected to start immediately and last for four months.
Kosmos will have a 60% stake in the licence, Timis Corp. 30% and Petrosen the remaining 10% interest.
Kosmos Energy is an oil and gas exploration and production company focused on frontier and emerging areas along the Atlantic Margin.
Petrosen is Senegal’s state owned hydrocarbon company.