Citing a draft Petrosen document, Reuters report says that Kosmos will buy a 60% stake in the Cayar and St. Louis offshore blocks from Petrosen and Timis.
According to the document, Kosmos will drill two exploration wells up with an investment of $240m followed by drilling of a third well, or alternatively a first appraisal well, with an investment of further $120m.
Under the agreement, Kosmos will buy a 60% stake in the blocks, while Timis and Petrosen will hold 30% and 10% stakes, respectively, reports the news agency.
Petrosen director general Mamadou Faye said in the document: "We believe that the blocks show a very substantial potential and all parties look forward to working together to advance the development of the areas to their maximum potential."
As the new operator, Kosmos will also undertake a 3D seismic survey of approximately 7,000km2 over the two blocks.
The seismic survey is scheduled to commence immediately and will be completed in four months.
