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Oracle Signs MOU with Bolad Energy

Source: 8/20/2012, Location: Africa

Oracle Energy Corp is pleased to announce that it has entered into a Memorandum of Understanding ("MOU") with Bolad Energy Company Ltd, a Nigerian registered corporation. Oracle's objective in securing the MOU is to participate as the technical and financial partner in the new Marginal Field bidding round expected to be announced by the Nigerian Department of Petroleum Resources. Marginal Fields are oil and gas properties in Nigeria that have not yet been commercialized, but they may have been explored or partially explored. Marginal Fields are open to bidding only by indigenous Nigerian companies.

Oracle's Chairman Nasim Tyab commented, "In Bolad we have a partner that has aspirations to become an industry leading indigenous exploration and production company. With our complimentary technical skills and financing capabilities we think we have the winning combination to build a successful Nigeria exploration and petroleum producing venture."

Bolad was formed in 2006 and comprises a highly experienced team of former international oil company executives with a proven track record of exploration success and bringing major Nigerian oil and gas fields into production. Bolad has strong relationships with Nigerian government agencies responsible for oil and gas regulation and international oil companies operating in Nigeria.

Bolad's Chairman Babatunde (Segun) Agboola says "With Oracle Energy's technical excellence and management's proven track record in financing projects, we have the complementary skills to build a successful joint venture. We are both committed to safe operations, maximizing Nigerian content in the execution of work programs and working in harmony with the local communities."

The MOU does not create obligations on either party other than giving Oracle the opportunity to negotiate and enter into definitive agreements for participation in field development and production for any fields awarded to Bolad.

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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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