Woodside farms into Noble Energy PSC offshore Cameroon

Woodside farms into Noble Energy PSC offshore Cameroon

PERTH, Australia -- 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.

The 3,875 sq km block is located within the Douala basin, offshore southwest Cameroon in water depths ranging from the shoreline to 1,100 m.

Under the agreement, Woodside will acquire a 30% non-operating interest. Noble Energy will retain a 46.67% interest and will continue to operate the PSC. Glencore will retain a 23.33% interest.

The JV plans to drill the Cheetah exploration well in 2015.

Woodside CEO Peter Coleman said the Douala basin represented an exciting opportunity with demonstrated oil prospectivity.

"Following our recent announcement on Gabon, this farm-in opportunity consolidates our regional position and extends our relationship with Noble as a valued and experienced operator," Coleman said.

"As part of our global exploration portfolio build, our entry into the Tilapia PSC gives us exposure to an emerging play in a proven basin with an exciting near-term drilling opportunity."

This farm-in agreement follows Woodside's acquisition since July of new acreage in Africa in Gabon, Tanzania and Morocco.

The agreement is subject to required government and regulatory approvals.