Australia's Woodside Acquires Stake in Acreage Offshore Cameroon

Woodside on Tuesday announced it has finalised an agreement with Noble Energy and Glencore to farm in to the Tilapia Production Sharing Contract (PSC) off the coast of Cameroon.

The 3,875 square km block is located within the Douala Basin, offshore southwest Cameroon in water depths ranging from the shoreline to 1,100 m.

Under the agreement, Woodside will acquire a 30% non-operating interest. Noble Energy will retain a 46.67% interest and will continue to operate the PSC. Glencore will retain a 23.33% interest.

The Joint Venture plans to drill the Cheetah exploration well in 2015.

This farm-in agreement follows Woodside's acquisition since July of new acreage in Africa in Gabon, Tanzania and Morocco.