FAR 6.52% 4.9¢ far limited

farm in

  1. 443 Posts.
    Potential still here..

    RIO DE JANEIRO, Feb 6 (Reuters) - Brazil's state run oil company Petrobras (PETR4.SA: Quote, Profile, Research)(RIO.N: Quote, Profile, Research) acquired a 40 percent stake in the exploration of the Rufisque Profond block off the coast of Senegal, strengthening its presence in Africa.

    Petrobras said in a statement on Tuesday that it bought the stake from Italy's Edison Spa (EDN.MI: Quote, Profile, Research), Italy's second biggest utility. Edison owns 95 percent of a block covering 7,294 square kilometers (1.8 million acres) in depths of up to 3,000 meters (9,842 feet).

    The remaining 5 percent is held by Senegal's state oil company Petrosen.

    Petrobras said that the block contains potentially light oil with an API gravity of 30 to 40 degrees and that under its agreement with Edison Spa it would repay 42.1 percent of past costs and offer the Italian company a greater share of 1,500 square kilometers of 3D seismic surveys, which it is purchasing.

    Petrobras already operates in Nigeria, Angola, Libya, Tanzania and Equatorial Guinea.

    http://uk.reuters.com/article/oilRpt/idUKN0626696320070206

    ....

    This was a while back(last yr) but Petrobras was the 14th largest oil company. This was done prior to the seismic so goes to show that they think somethings there. So hopefully with some actual details of drilling well see a farm-in..who knows maybe even Petrobras since they're right next door.
 
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