Ophir Energy plc (Ophir) announced that a Heads of Agreement (Agreement) has been entered into with ASX-listed FAR Limited (FAR). The Agreement enables FAR to immediately acquire a 10% interest in the AGC Profond PSC offshore Senegal and Guinea Bissau and gives Ophir the right to acquire a 25% interest in FAR’s three Senegalese licences.
AGC is “L’Agence de Gestion et de Coopération entre la Guinée-Bissau et le Sénégal” which is a joint commission with sovereign status set up by the governments of Guinea-Bissau and Senegal to administer the maritime zone between the two countries.
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Source: Ophir, October 18, 2010;