Avoid the bear traps and learn how to negotiate and draft FOAs like a veteran.
This training will include three case scenarios, one of which is a complex real-life FOA problem arising offshore Senegal which Mr. Vass handled for a Norwegian client. Keep in mind that any FOA will certainly involve (one way or another) a JOA.
Subjects covered include:
- The FOA and the Licence (or PSC)
- How the FOA Works
- The Carry and the Promote Concepts
- The FOA – When and Why?
- FOA vs Asset Sale & Purchase Agreement (ASPA)
- The Bundle of Rights to be Transferred
- Possible Consideration Options.
- Definition of the Farmout Programme (FOP)
- Equity-First and Equity-After (Earn-in) FOAs
- Remedies for Failure to Perform FOP
- Force Majeure
- Conditions Precedent
- Funding Triggers and Economic Data
- Termination of FOA
- Beneficial Interests and Re-assignment
- The FOA, Joint Operating Agreement (JOA), and Licence — Critical Triangular Relationships
- The FOA and a Pre-existing JOA
- The FOA and a New JOA
- The Danger of JOA Default Provisions
- FOA Undertakings
- Representations and Warranties
- Transfer of the FOA by Either Farmor or Farminee
- Partial Farmout of Licence
- Confidentiality and Announcements
- Choice-of-Law and Dispute Resolution
Uisdean Vass, Managing Director of VassPetro Ltd, with over 35 years of experience practicing oil and gas Law in the UK and throughout the world.
Mr. Vass teaches the VassPetro FOA programme in a direct and practical “coalface” style, with lots of “war stories”.
Approximately 90 minutes.
Training designed for:
- In-house lawyers and oil industry commercial executives
Even though the FOA is one of the most common oil and gas deal documents, relatively little has been written about it and few training programmes specifically focus on it.
Until now . . .
This training can be specially tailored for the UK or international operations but is, in essence, applicable to both.
For more information, please email info@VassPetro.com
“I have worked with Uisdean on a number of Farmout deals in West Africa, of varying degrees of complexity and involving minnows and large-cap E&P firms. Uisdean’s knowledge of Farmouts is second to none and this training unit captures and distills his experience“Peter Elliott, CEO PVE Consultants Limited
“Having recently completed Uisdean’s Farmout Agreement training, I can say that it brought into sharp focus the salient points necessary to achieve a successful Farmout process. This training takes you through all you need to know about the key commercial and legal issues arising in Farmouts and helps you to avoid the bear traps. It is a ninety-minute tour de force”Zac Phillips, CEO, Oil & Gas Advisors Limited