Ann: Annual Report 2018, page-53

Yes Shaba....coming up for 2 years...below is a refresher

FAR partners with CNOOC in West Africa 0BY DALE GRANGER ON 03/04/2017 COMPANY UPDATES, FEATURE ARTICLES, INDUSTRY, SEISMICMELBOURNE-headquartered oil company FAR Ltd has signed an Area of Mutual Interest (AMI) agreement with CNOOC UK Limited, which covers selected licenses offshore Senegal and The Gambia.The Australian oil company announced that the AMI would provide both companies with agreed arrangements to partner in evaluating, bidding, negotiating and managing joint ventures on farm-in and open acreage opportunities for oil and gas licenses. The AMI agreement period is for two years.In combination, FAR and CNOOC UK, a subsidiary of CNOOC Limited, bring together expertise of the Mauritania-Senegal-Guinea-Bissau (MSGB) offshore basin and the capabilities of an international deep water operator, FAR said in a statement.FAR has a 15% interest in the Cairn-operated SNE oil discovery offshore Senegal and recently bought into Erin Energy’s offshore A2 and A5 blocks in The Gambia, which are located in close proximity to the SNE discovery.CNOOC, by contrast, acquired 65% interest and operatorship of a Production Sharing Contract (PSC) and associated joint operating agreement in the AGC Profond block located in the offshore joint development zone between Senegal and Guinea-Bissau.FAR said the agreement with CNOOC positions the company to further expand its portfolio and establish itself as one of the major players in the rapidly emerging Mauritania-Senegal-Guinea-Bissau (MSGB) Basin – a basin that is increasingly attracting the attention of the world’s oil “majors”.FAR Managing Director, Cath Norman, said: “The partnership and AMI with CNOOC UK dramatically enhances FAR’s ability to acquire new assets in our core strategic geographic area of expertise. The complementary skills of both organisations strengthens our collective ability to build acreage positions offshore Senegal and The Gambia. We are very pleased to have secured a strategic partner with the deep technical, operational and financial calibre of CNOOC UK.”