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Benin: Onshore farm-in

United Oil & Gas Plc has signed an option agreement with Elephant Oil to farm in to onshore Block B in the Dahomey Embayment, potentially taking a 20% interest in the production-sharing agreement. United has agreed to fund passive seismic and field studies up to a value of $175,000. Completion of the passive seismic programme is being targeted for April. If United chooses to exercise the option, then the company will farm in taking a 20% interest and will fund 30% of the non-drilling and 20% of the drilling costs in the Phase 1 work programme, as well as reimbursing back costs.

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