Woodside has finalized an agreement with Noble Energy and Glencore to farm in to the Tilapia production-sharing contract (PSC) off the coast of Cameroon, according to a company press release.
The 3,875-sq-km (1,496-sq-mile) block is located within the Douala Basin offshore southwest Cameroon in water depths ranging from the shoreline to 1,100 m (3,609 ft).
Under the agreement, Woodside will acquire a 30% nonoperating interest. Noble Energy will retain a 46.67% interest and will continue to operate the PSC. Glencore will retain a 23.33% interest.
The joint venture plans to drill the Cheetah exploration well in 2015.
The agreement is subject to required government and regulatory approvals.
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