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Starcrest and Eland Oil & Gas Acquire 45% in OML 40

Source: www.gulfoilandgas.com 3/31/2011, Location: Africa

Starcrest Nigeria Energy Limited (“Starcrest”) and Eland Oil & Gas Limited (“Eland”) are delighted to announce that Elcrest Exploration and Production Nigeria Limited (“Elcrest”), a joint venture company of the Partners, has bid successfully for a 45% interest in licence OML 40, located in the Niger Delta.

Following a competitive and well publicised auction process conducted jointly by Shell Petroleum Development Company of Nigeria Limited, Total E&P Nigeria Limited and Nigerian Agip Oil Company Limited (together “the Sellers”), Elcrest,represented by Sir Emeka Offor, has concluded a Sale & Purchase Agreement with the Sellers on behalf of the Partners.

Commenting on the acquisition, the chairman of Starcrest Nigeria Energy Limited, Sir Emeka Offor, said ‘this acquisition is a cardinal part of the strategic growth plan of Chrome Group, and it is a glimpse of the new-look Chrome Group, as we march towards becoming the leading indigenous oil and gas company in sub-Saharan Africa. As a Nigerian company with a global perspective, Chrome Group is now more than ever before, better positioned to champion the local content cause, and we believe that the time has come for indigenous oil and gas companies, to take strategic positions in the oil and gas business in Nigeria.’

The transaction is now subject to Government of Nigeria approval and final completion.

Subject to that approval and completion, Elcrest, with the support of Starcrest and Eland, plans to work closely with the local communities in OML 40 to ensure that all stakeholders benefit from the successful re-development of the resources.

On completion, the 45% interest in OML 40 will be held by Elcrest, a joint venture company of the Partners, in turn held 55% by Starcrest and 45% by Eland. The Nigerian National Petroleum Corporation holds the remaining 55% interest in OML 40.

The Board and Management of Elcrest are all oil & gas professionals with many years of successfully operating oil and gas projects in Nigeria.

Elcrest is fully funded and supported by Eland and Starcrest. Eland is fully funded by a broad range of international blue chip institutional investors, principally from the UK and USA.



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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 

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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