19th Aug 2014 12:28
LONDON (Alliance News) - SacOil Holdings Ltd Tuesday said it has been awarded a 20% participating interest in oil prospecting licence 233 offshore Nigeria.
The Nigerian National Petroleum Corp granted and authorised the assignment of the equity interest.
In a statement, the African independent upstream oil and gas company said the assignment will allow it to begin a broader and more proactive work programme over the asset.
SacOil said it will now focus on continuing the progress made on the assets by working in collaboration with its joint venture partners to deliver reserves and production.
"This is an important milestone in the history of the company which reflects on our commitment to progress our assets and ensure the growth of the existing portfolio. OPL233 fits with our strategy of acquiring and exploiting assets with discovered hydrocarbons. This award now moves us to the next phase of unlocking the resource potential and delivering production," Chief Executive Thabo Kgogo said in a statement.
OPL 233 is an offshore oil block that is located in the shallow marine area of the prolific Niger Delta region. It encompasses an area of approximately 126 square kilometres and is located in water depths ranging from 3 to 10 metres.
SacOil shares were Tuesday quoted up 4.4% at 3.00 pence.
By Samuel Agini; [email protected]; @samuelagini
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