As per the agreement, Apache will pay Origin Energy $13.2m in back costs and take over operatorship of the license.
In addition, Apache will meet a component of Origin’s costs of an exploration well to be drilled in Block L8, on the Mbawa structure.
The company said that the agreement is subject to certain joint venture rights and to approvals from the other joint venture parties in Block L8, namely Pancontinental Oil & Gas and its subsidiary Afrex.
