Up to $45 million in costs to drill a well off the Gambian coast is covered through a deal with Malaysian oil company PETRONAS, Australia’s FAR Ltd. said. PETRONAS, an abbreviated form of Petroliam Nasional Berhad, was assigned a 40 percent stake each in two petroleum licenses off the Gambian coast. Under the terms of the agreement, PETRONAS agreed to cover 80 percent of the costs to drill an exploration well up to a total maximum coast of $45 million. FAR Managing Director Cath Norman said the deal is a testament to the emerging value of the broader West African basin. “Success in this well would be of significant value to our shareholders and truly transformational for the people of The Gambia,” she said in […]