Petroleum Africa
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Thursday, August 25, 2016
Following the exit of SDX Energy and then Dana Petroleum (operator) from Cameroon’s Bakassi West Concession, the final stake holder, International SoftRock Oil Company Ltd. assumed control of the acreage. SoftRock received final confirmation that the withdrawals were effective July 31.
The company received notices to withdraw from the concession agreements from both SDX Energy and Dana in June. Thereafter, SoftRock had the option of assuming control of the concession and had a 30-day period in which to do so. The company conducted discussions internally and with authorities to determine the most appropriate way forward.
After receiving confirmation that an application to obtain a one-year extension of the term of the Bakassi West concession to allow the completion of additional technical work had been approved, SoftRock management has confirmed to those authorities that it is prepared to assume operatorship of the concession and otherwise continue with the proposed development thereof.
As a consequence of the withdrawal of its partners from the concession agreements, SoftRock will become the sole holder of the rights under the license. In preparing to assume the role of operator, the company has commenced activities aimed at facilitating the transition of control of the joint venture’s assets and related property to its Cameroonian subsidiary, and will report on further developments in that regard as they occur.
Don Vandergrift, president and chief executive of SoftRock, commented: “While we were disappointed to learn of the withdrawal from the Bakassi project by our partners, we are in a strong position to move ahead with alternative evaluation strategies, including considering the interest expressed by other potential partners and the restructuring of the concession’s ownership. We also remain particularly motivated by the fact that much of the oil-bearing potential of the northern portion of the property remains untested, and believe new interest in the property will arise as the data related to this area is further evaluated. In the meantime, we wish to express our profound thanks to the withdrawing partners, Dana Petroleum and SDX Energy, as throughout the course of their involvement in the Bakassi joint venture, both of these companies conducted themselves with a high standard of collaborative effort and professionalism.”
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