Addax Petroleum Acquires Additional Interest in Shallow Water Exploration License in Gabon

Source: www.gulfoilandgas.com 6/5/2008, Location: Africa

Addax Petroleum Corporation announced that it has, subject to partial partner pre-emption rights, acquired an additional 18 percent working interest in the Iris Marin license area offshore Gabon by the acquisition of a subsidiary of Sterling Energy plc. Addax Petroleum will hold up to a 51.33 percent working interest in the Iris Marin license area and, subject to Government approval, intends to become the operator.

Under the terms of the acquisition, Addax Petroleum will reimburse Sterling $3.3 million for past costs and will carry 18 percent of Sterling’s costs associated with their remaining 32 percent working interest in the upcoming exploration well and, subject to a cost cap, a second well.

The Iris Marin license area covers a shallow water exploration permit of approximately 99,600 gross acres (403 km²) of the southern Gabon basin and is adjacent to the producing, Shell-operated Gamba field.


Germany >>  8/15/2022 - The ALH Group is indirectly acquiring 49.9% of a portfolio of sixteen solar farms with a total capacity of 597 megawatts belonging to EnBW Energie Bad...
Norway >>  8/15/2022 - Vår Energi has acquired 30% ownership in production licenses (PL) 820S and PL 820 SB (north of the Balder field in the North Sea) from Lime Petroleum,...

United States >>  8/15/2022 - Northern Oil and Gas, Inc. (NYSE: NOG) (“NOG”) today announced the closing of its previously announced acquisition of non-operated Williston Basin ass...
Spain >>  8/12/2022 - F2i, Italy's leading infrastructure fund, and Crédit Agricole Assurances have signed an agreement to acquire from the Villar Mir Group wind farms in o...

Brazil >>  8/11/2022 - Petrobras informs that it has begun the opportunity disclosure stage (teaser), referring to the sale of its mining rights for research and mining of p...
Angola >>  8/10/2022 - Afentra plc, an upstream oil and gas company listed on AIM and focused on acquiring production and development assets in Africa, is pleased to announc...

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  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.