Aabar Energy enters deal with Australian company Horizon Oil

Abu Dhabi: Aabar Energy (Aabar) has entered into a farm-out arrangement with Australia's Horizon Oil to transfer a 20 per cent participating interest in three exploration blocks in the Gulf of Thailand.

"We have eight concessions in Thailand and farm-out is a normal practice within the oil industry to reduce risks," an Aabar spokeswoman said.

"Horizon will pay 40 per cent of the seismic and drilling costs of the initial three-year work programmes for Blocks G1/48, G3/48 and G6/48 to earn a 20 per cent participating interest in each of the three concessions. Pearl will remain as operator of the concessions following the transaction," Aabar said.