Petroleum Africa
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Friday, April 4, 2008
An indigenous Nigerian firm, Emerald Energy Resources Ltd., has farmed into the Oza Field onshore
Under the terms of the agreement Emerald will assume the funding for Hardy’s obligations for the initial work program on the Oza Field. The initial work program for the field could include the installation of over 15 km of pipeline, gas compression, and various processing equipment.
Following the farm-out Hardy will hold a 20% working interest in the field with the operator Millenium Oil and Gas Company Ltd. holding the remaining 60%. The farm-out is subject to government approval.
Additionally a Memorandum of Understanding has been entered into with Emerald in regards to an integrated gas utilization project and other upstream opportunities in
Commenting on Hardy’s Nigerian strategy, Sastry Karra, Chief Executive, said, “We believe that the Niger Delta offers attractive investment opportunities and the Company will look to further participation in this region on a selective basis. Hardy’s Nigerian strategy is to pursue opportunities offering low cost development projects in onshore and near-shore
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