Desire agrees farm-out deal and secures new acreage
Thursday, August 14, 2008
Desire Petroleum has agreed the terms of a farm-out deal with private oil group Arcadia Petroleum. As part of the new agreement, Desire and Arcadia have also been granted new acreage adjacent to Desire's existing sites in Tranche I, in the North Falkland Basin.
The farm-out agreement will see Arcadia drill and test the Ann prospect paying 85% of the costs to earn a 35% interest in a sub-area of Tranche C covering the Ann and Orca South prospects.
Rockhopper Exploration plc, as part of a larger transaction, is responsible for paying the remaining 15% of the Ann well costs to earn a 7.5% interest in Tranches C and D.
Accordingly, the net result to Desire will be a 57.5% interest in the Ann prospect for which the Desire mid-estimate of potential recoverable reserves is 202 million barrels of oil.
Elsewhere, Arcadia will drill and test a major new prospect named Alpha, paying 100% of the costs to earn 50% in Block 25/10 and part of Block 25/15. This prospect also extends into the newly awarded Blocks 25/8, 25/9 and 25/14b where Arcadia has an 80% interest and Desire 20%. Based on the current mapping, Desire estimates that it has an approximately 30% interest in the total Alpha prospect.
In addition to the two wells to be drilled by Arcadia, Desire has undertaken to drill two wells for its own account including the mobilisation and demobilisation costs associated with these two wells. Desire will remain as operator on all the acreage Arcadia has joined them in.
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