Afren has agreed to reimburse Petrodel a percentage of the back costs in relation to the block for the interest acquisition.
The company will also fund all costs associated with the acquisition, processing and interpretation of an agreed seismic survey over the block amounting to 900 kms of shallow and deeper water 2D coverage.
Afren will then carry Petrodel through the drilling of one shallow water exploration well subject to a cumulative cap on gross costs of $40m.
Petrodel will retain a 26% working interest in the Tanga block.
