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AsherXino Completes Farm Out Agreement with Petrolog Group

Source: www.gulfoilandgas.com 6/23/2011, Location: Africa

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AsherXino Corporation is pleased to announce that it has completed a farm out and partnership agreement with Petrolog International Group for its offshore Nigeria concession. AsherXino had earlier received a letter of intent to participate in the Nigeria offshore concession from Petrolog International.

The agreement provides to AsherXino:
· A payment of $7.5m for Farm out of Fifteen percent (15%) of Nigeria offshore oil and gas concession to Petrolog.
· Joint partnership in other oil and gas concessions across West Africa.

· Access to a range of high quality exploration, development or production opportunities in areas of interest to AsherXino, with a guaranteed right to participate; and

· Access to first class global offshore drilling expertise and drilling management services, thus significantly enhancing the ability to deliver on projects in the current tightly constrained drilling services market.

Under the agreement, AsherXino has the option but not the obligation, to participate with Petrolog International under its international joint venture agreement with leading integrated offshore companies exclusive to West Africa.

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

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


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