Gulf Oil and Gas accountACCOUNT

Spinnaker Enters Farmout Agreement in OPL Block 256

Source: www.gulfoilandgas.com 3/7/2005, Location: Africa

Spinnaker Exploration Company announced that it has entered into a Farmout Agreement covering a 12.5% interest in OPL Block 256 offshore Nigeria from Ocean Energy Nigeria Limited, a wholly-owned subsidiary of Devon Energy Corporation. The transfer of interest is pending various approvals within the Nigerian government.

OPL Block 256 was acquired by Devon and Nigerian Petroleum Development Company Limited (NPDC) in a mini-bid round in 2002. Block 256 is located approximately 200 kilometers off of the coast of Nigeria in water depths ranging from 1,500 to 2,800 meters. The block is 2,550 square kilometers (631,000 acres) and in gross terms represents an area approximately three- quarters of the size of Spinnaker's entire deepwater holdings in the Gulf of Mexico. If the transfer of interest is approved, Spinnaker's gross deepwater acreage position would total approximately 1.5 million acres. Spinnaker also owns 723,000 gross acres on the shelf of the Gulf of Mexico.

A recent 3-D seismic survey covering OPL Block 256 has been acquired by Spinnaker and portions of the survey have been reprocessed. Drilling of the first exploratory well, the Tari #1, has recently commenced. A total of three commitment wells (including the Tari #1) will be drilled on the block; two of these operations will most likely occur in 2005.

Chairman and Chief Executive Officer, Roger Jarvis, said of the transaction "Spinnaker's commitment to participate in OPL Block 256 with Devon is the culmination of a long-term effort to define opportunities that compete with those that we see in the Gulf of Mexico. This is an outstanding position in a province with world-class hydrocarbon potential. A number of large prospects have been defined on the block, and we are excited about the implications for Spinnaker in the near and longer term. We have the personnel and expertise internally to build a business in West Africa that complements and adds to our very exciting activities in the Gulf."


Acquisitions and Divestitures News in Nigeria >>

Russia >>  7/22/2019 - PAO NOVATEK announced the closing of the sale of participation interests in Arctic LNG 2 Project (“Project”) to wholly owned subsidiary of China Nati...
Brazil >>  7/19/2019 - Petrobras informs that the company Trident Energy presented the best final offer in a competitive process for the acquisition of the totality of the c...

Colombia >>  7/19/2019 - Amerisur Resources Plc, the oil and gas producer and explorer focused on South America, announces that following the receipt of interest in the Compan...
Russia >>  7/19/2019 - Gazprom Neft and SIBUR have consolidated 100 percent of the charter capital in the Poliom LLC polypropylene plant in Omsk, with the Gazprom Neft—SIBUR...

Brazil >>  7/18/2019 - Ecopetrol S.A. reports that the Ministry of Mines and Energy of Brazil has authorized the transfer of a 10% stake in the Saturno block, located in the...
Indonesia >>  7/18/2019 - Coro Energy, the Southeast Asian focused upstream oil and gas company, has renegotiated the terms of the proposed acquisition by the Company of a 42.5...

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


Nigeria Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 |

Oil & Gas Projects in Nigeria >>

More News

Related Links

AO BJ BW CD CG CI CM DZ EG ET GA GH GM GN GQ GW KE LR LY MA MG ML MR MZ NA NE NG RW SC SD SL SN SO ST SZ TD TN TZ UG ZA ZM
Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.