Petroleum Africa
Find us on: 
Thursday, June 12, 2008
Addax Petroleum Corp. has picked up a stake in another Nigerian block. The company has joined indigenous firms Express Petroleum & Gas and Petroleum Prospects International Ltd. (PPI) on OPL 227. OPL 227 is located in the shallow water offshore the western Niger Delta Basin.
Under the terms of the deal, Addax Petroleum will hold a 40% stake in the license area, and Express and PPI will hold 39% and 21% respectively, with Express as the operator and Addax acting as the technical advisor. Addax Petroleum has paid a farm-in fee to Express and PPI and a signature bonus to the government. The company will also fund 80% of the work program which includes a seismic acquisition program.
Addax will be entitled to a higher than pro-rata share of the net production from OPL 227 until all capital costs have been recovered after which all parties will be entitled to their pro rata share of production.
" alt="Sintana to Expand Asset Base in Namibia with Acquisition">
" alt="Luanda Gives Afentra Nod for Azule Acquisition">
" alt="TotalEnergies Increases Stake in ROC’s Giant Moho Field and Sells Mature Assets">
" alt="Africa’s $824 Billion Debt Burden and Opaque Resource-Backed Loans Hinder its Potential">
" alt="African Refiners Ponder Threats to Energy Security for Africa as Transition Takes Center Stage">
" alt="Invictus Inks Gas Sales MOU to Deliver Power to Eureka Gold Mine">
" alt="Globeleq Acquires the 25 MWp Winnergy Solar PV Plant in Egypt">
" alt="Sintana Completes Well Testing at Mopane 1-X in Namibia">
