Three discoveries have been made by the Woodside-operated consortium to date pushing estimated reserves over the 200 million barrel mark.
As part of the agreement with the non ENI-Agip joint venture partners, Woodside would initially acquire 100% of the shares in Agip Mauritania BV, and would then on-sell the pro-rata interest entitlement to the remaining joint venturers on the same terms.
Agip Mauritania BV held a 35% interest in Area A, which contains the Banda discovery and in Area B, which contains the Chinguetti and Tiof discoveries, and reached agreement some months ago to sell its interest to a third party, prior to the successful Chinguetti 4-5 early development well and the Tiof oil and gas discovery.
Following the discovery the Joint Venture partners elected to utilise their first right option to acquire the 35% interest.
As a result, Roc Oil's interest in PSC Area A, which contains the Banda Oil and Gas discovery, will increase from 2.7% to 4.155% and its interest in PSC Area B, which contains the Chinguetti and Tiof oilfields, will increase from 2.4% to 3.693%.
Hardman's interest in PSC A will increase from 24.3% to 37.384% and in PSC B from 21.6% to 33.23%.
Woodside will emerge as the real winner with a majority stake in both areas, up from 35% to 53.846%, while Fusion will boost its PSC A interest to 4.61% and in PSC B from 6% to 9.23%.