Gulf Oil and Gas accountACCOUNT

Major Nigerian Acquisition Opportunity

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

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.

Acquisitions and Divestitures News in Nigeria >>

Norway >>  1/16/2019 - Faroe Petroleum, the independent oil and gas company focussing principally on exploration, appraisal and production opportunities in Norway and the UK...
Norway >>  1/16/2019 - Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK,...

Norway >>  1/15/2019 - DNO, the Norwegian oil and gas operator, has announced that its wholly-owned subsidiary DNO Norge has been awarded participation in 18 exploration lic...
Norway >>  1/15/2019 - Pandion Energy has been awarded two licenses under the 2018 Norwegian APA (Awards in Pre-defined Areas) License Round on the Norwegian Continental She...

Norway >>  1/15/2019 - Aker BP has been offered interests in 21 new production licenses in Norway, of which 11 as operator, through the Awards in pre-defined areas (APA 2018...
Norway >>  1/15/2019 - Var Energi has been awarded a total of 13 licenses in the Awards in Predefined Areas 2018 (APA) by the Ministry of Petroleum and Energy (MPE). ...

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 |

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.