The company does not expect to incur any material costs associated with the surrender.
CEO Eskil Jersing said: “We are disappointed that we have been unable to reach an acceptable solution for all parties to advance operational activity on the Ntem concession.
“Given the declaration of force majeure in May 2014, the remaining potential on the block and the challenging macro landscape, we have made the decision to formally surrender the Ntem block.”
Murphy Oil was the previous operator.
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