Woodside Petroleum has signed a farm-in agreement with Beach Energy to acquire 70 per cent participating interest in the Lake Tanganyika block located in western Tanzania
Peter Coleman, CEO of Woodside Petroleum, said that the farm-in provided an opportunity to secure a large acreage footprint in an exciting and under-explored oil prone frontier basin.
“Securing this highly prospective acreage represents another step forward in building Woodside Petroleum’s global exploration portfolio,” Coleman added.
The proposed work programme includes seismic studies, with an option for future drilling and operatorship. The agreement is, however, subject to required government and regulatory approvals, the company said.
Reg Nelson, MD of Beach Energy, added, “The farm-out of the Lake Tanganyika South Block to Woodside Petroleum is in line with Beach Energy’s strategy of getting in early to prospective areas, and proving the potential of those areas with work undertaken, such as seismic operations.
“Bringing a world-class operator into this area such as Woodside Petroleum will not only ensure Beach Energy is carried to the next phase of exploration, but will also define initial drilling prospects as a result of the futher seismic work that will be undertaken.”