The government of Gambia has granted approval for the farmout by FAR Ltd., Perth, of two offshore exploration blocks to Malaysian state firm Petronas. Petronas will take a 40% interest in contiguous offshore petroleum licences A2 and A5 in return for funding 80% of the exploration well costs of the forthcoming Samo-1 wildcat on Block A2 up to a maximum of $45 million.

Source: News