Petroleum Africa
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Thursday, October 3, 2013
Niko Resources received the green light from the government of Madagascar for its farm-out of the Grand Prix PSC offshore the East African island. Niko is farming out a 40% interest in the PSC to Austria’s OMV, retaining a 35% working interest.
Proceeds for the transaction are expected to be received by Niko on October 3.
The PSC is located in the Morondava basin, which is located along the west coast of Madagascar and is a proven petroleum province with onshore discoveries of oil sands and subsurface heavy oil deposits exceeding 20 billion barrels. The offshore Morondava Basin is considered to retain the same petroleum system that produced the onshore accumulations but extending into a deeper geologic setting will yield lighter oil discoveries. Offshore the Morondava Basin is largely under-developed with only five offshore exploration wells drilled since the 1970s.
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