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Major Nigerian Acquisition Opportunity

Source: www.gulfoilandgas.com 5/6/2011, Location: Africa

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Kulczyk Oil Ventures Inc. (KOV) is pleased to announce that it joined the Neconde Energy Limited (Neconde) consortium. On April 29, 2011, Neconde entered into an Agreement for Assignment (AFA) and various ancillary agreements with the Shell Petroleum Development Company of Nigeria Ltd (SPDC), Total E&P (Nigeria) Ltd (TEPNG) and Nigerian Agip Oil Company Ltd (NAOC) pursuant to which Neconde will acquire a 45% participating interest in Oil Mining Licence 42 (OML 42), a large block containing previously-discovered oil fields in the Niger Delta area of Nigeria. The remaining 55% participating interest in OML 42 is held by the Nigerian National Petroleum Company (“NNPC”).

Completion under the AFA is subject to a number of conditions, including but not limited to:
(a) certain regulatory and Ministerial approvals in respect of the transaction being obtained;
(b) approval of the NNPC under the Joint Operating Agreement for OML 42;
(c) entry by Neconde and NNPC into a new joint operating agreement in respect of OML 42.

Neconde’s shares are held by a consortium of companies (the “Neconde Consortium”), which includes wholly owned subsidiaries of each of Kulczyk Oil Ventures Inc and Kulczyk Investments S.A. (“KI”), the major shareholder of KOV. KOV would be the Neconde Consortium’s ‘Technical Partner’ and through its indirect wholly-owned special purpose vehicle, would hold 20% of Neconde’s ordinary issued equity, thereby giving the Company an effective indirect 9% interest in OML 42.

KOV would enter into a Technical Services Agreement with Neconde through which, as required by Neconde, it will provide Neconde with certain technical services related to the day-to-day exploration, development and production of OML 42. KOV and KI will be jointly entitled to appoint both the Chief Executive Officer and Chief Financial Officer of Neconde.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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