Fossil Energy – Farm-Out
Cornerstone Resources Group has completed a farm-out of UK North Sea interests to Petrogas.
These comprise 85% of the Abbey Field development and 70% of the nearby Baker exploration prospect.
Petrogas North Sea will operate both projects, with Cornerstone receiving consideration upfront and on final investment decision, and the company will be fully carried through the Abbey development and Baker exploration well without any cap on costs.
Post-first gas, after certain milestones, Cornerstone also has the right to increase its share in Abbey to 30%.