Woodside has entered into a binding sale and purchase agreement to acquire Capricorn Senegal’s entire participating interest in the Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore (RSSD) joint venture. This follows Woodside’s exercise of its pre-emptive rights announced on 17 August 2020.
Completion of the acquisition is subject to Government of Senegal approval, Cairn Energy shareholder approval and other customary conditions precedent, and is targeted for Q4 2020.
Following completion, Woodside’s equity interest will increase to approx. 68.33% in the Sangomar exploitation area and to 75% for the remaining RSSD evaluation area. Woodside will remain operator.
The Sangomar field (formerly the SNE field), containing both oil and gas, is located 100 kms south of Dakar and will be Senegal’s first offshore oil development. First oil production is targeted in early 2023.
Click here for Sangomar Factsheet (Woodside Jan 2020)