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Farm-out Agreement with Sinochem for Exploration Blocks offshore Brazil    view the pdf file in a new window

Perenco has signed an agreement with Sinochem Petróleo Brasil Ltda, the 100% owned subsidiary of Sinochem Corporation (Sinochem) to farm-out five  concessions in the Espirito Santo basin, offshore Brazil.   

Sinochem will fund Perenco in certain exploration wells in exchange for acquiring 10% working interest in the five concessions, subject to conditions.  Following the completion of the transaction, which remains subject to government approvals in Brazil, Sinochem will acquire a 10% working interest in the Concessions. 

Perenco will retain a 40% interest and remain as the operator.  OGX Petróleo e Gás will maintain its 50% share in the Concessions.  The Concessions, located in the deep water (100-2 000 m) sector of the Espirito Santo basin cover 3 625 square kilometres in total.  Perenco, together with OGX were awarded the Concessions in the 9th Brazilian Licensing Round.

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