Gambia: FAR, Petronas increase stakes

Australia’s FAR and Malaysia’s Petronas have increased their stakes in blocks A2 and A5 following the liquidation of Erin Energy. FAR said on 1 October the government had issued new licences with updated terms, giving each company 50% in the licence. Terms include signature bonuses totalling $4.5m for the two licences, which have a three-year initial exploration period, plus two optional extension periods of two years each.