Petroleum Africa
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Wednesday, October 22, 2014
Mart Resources increased its holdings in Africa announcing that it joined a consortium that had entered into an assignment agreement with the Shell Petroleum Development Co. of Nigeria, Total E&P Nigeria, and Nigerian AGIP Oil Co.
The consortium, under a special purpose vehicle (SPV), will be owned directly or indirectly by consortium members to purchase a 45% participating interest in Nigeria’s OML 18. The transaction is still subject to the Nigerian government approval, but will include that the remaining 55% participating interest will go to the Nigerian National Petroleum Corp. (NNPC).
The transaction would be funded by a senior secured, non-recourse, reserves-based financing secured against the consortium’s participating interest in OML 18 and all petroleum sales revenues accrued from OML 18. There would also be an equity contribution made by consortium members commensurate with their direct or indirect working interest in OML 18.
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