(RTTNews) - Repsol YPF
(REP) on Wednesday said it signed a farm-in agreement on the Cardon IV Block in the Gulf of Venezuela with Vinccler Oil and Gas, the wholly-owned subsidiary of PetroFalcon Corp.
(PFC.TO). Repsol and Vinccler recently signed a letter of intent whereby Vinccler will acquire a 25 percent working interest from Repsol in the offshore natural gas license for the Cardon IV Block.
As per the agreement, Repsol would keep a 25% interest. Eni SpA
(E), an Italian integrated oil and gas company and Petroleos de Venezuela, S.A., the Venezuelan state-owned oil and gas company, retains the right to acquire up to 35% of the project after declaration of commerciality.
Repsol and Eni were awarded the Cardon IV Block with the high bid of US$34 million in the second phase of the Rafael Urdaneta Project in 2005.
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