Petroleum Africa
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Wednesday, September 22, 2010
Hardy Oil and Gas is selling its stake in OML 11 and OML 46 offshore Nigeria through its Hardy Oil Africa (HOA) subsidiary. Reports have the company entering into a conditional agreement for the disposal of its wholly-owned Nigerian business.
The company is selling HOA to Inergia Petroleum Ltd, a newly-incorporated upstream firm with a focus on Nigeria for an estimated $4.5 million.
HOA's wholly-owned subsidiary, Hardy Oil Nigeria Ltd, has a 20% interest in each of the Oza and Atala marginal fields in Nigeria. The Oza field is located onshore in the northwestern part of OML 11, near Port Harcourt, with three suspended wells in the field and a concession area of 20 sq km.
The Atala field is located within OML 46, in the Bayelsa State with a concession area of 34 sq km.
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