Cairn in farm down agreement with ConocoPhillips

Cairn announced it has entered into a farm down agreement with ConocoPhillips for three contiguous blocks located offshore Senegal, West Africa.
Under the terms of the agreement, which is subject to Government of Senegal approval, ConocoPhillips will acquire a 25% working interest from Cairn in the three contiguous blocks – Rufisque, Sangomar and Sangomar Deep where a 2,050km2 3D seismic survey has been used to identify prospects.
The exploration campaign is targeting a block wide potential of more than 1.5 billion barrels of yet to find resource with a proposed two well programme with drilling expected to commence in H1 2014 with the Cairn contracted Cajun Express rig.
Cairn will retain operatorship and 40% interest in the blocks during the exploration phase. Petrosen, the Senegal National Oil Company, will retain a 10% interest in the exploration phase. In the event of a commercial success, ConocoPhillips would have the option to operate the future development of the resource.
Oil and Gas Press