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BW Kudu Limited, a wholly owned subsidiary of BW Energy Limited and the National Petroleum Corporation of Namibia (NAMCOR) have signed a Farm-In and Carry Agreement that increases BW Kudu’s working interest in the Kudu license offshore Namibia from 56% to 95% in line with previously disclosed intentions. NAMCOR will retain the remaining 5% working interest.
The agreement is subject to the approvals of BW Kudu’s and NAMCOR’s Boards as well as Namibian regulatory authorities. The agreement gives NAMCOR the opportunity to acquire an additional 5% working interest post first gas, while BW Kudu will pay US$4 million at completion of the transaction and carry NAMCOR’s share of development costs until first gas.