Finance News Network
Woodside finalises Moroccan farm-in
July 04, 2014
Woodside Petroleum Limited (ASX:WPL) has finalised its farm-in agreement with Chariot Oil and Gas at the Doukkala basin offshore Morocco.
The oil and gas company will acquire an initial 25 per cent participating interest in the offshore permits and includes an option to buy an additional 25 per cent.
The undrilled permits are almost 11,000 square km in area with water depths ranging from 150 to 3600 metres.
CEO Peter Coleman says the agreement provides an opportunity to secure a large acreage footprint in an emerging petroleum province, prospective for both oil and gas.
Woodside Petroleum recorded a net profit of more than $2 billion in the full 2013 calendar year.
