Gulf Oil and Gas accountACCOUNT

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 km˛) of the southern Gabon basin and is adjacent to the producing, Shell-operated Gamba field.

Acquisitions and Divestitures News in Gabon >>

Australia >>  2/18/2019 - Santos has announced it had reached an agreement to align the company’s interests, under Santos operatorship, across four exploration permits in the B...
Egypt >>  2/15/2019 - Eni has been granted by Egyptian Authorities two exploration blocks onshore Egypt. The first block, “South East Siwa” (Eni 100%), has been assigned wi...

Thailand >>  2/15/2019 - PTT Exploration and Production Public Company Limited (PTTEP) disclosed that its subsidiary, PTTEP SP Limited, signed the Share Purchase Agreement (SP...
Australia >>  2/14/2019 - On 25 January 2019, Vintage Energy Ltd received Ministerial consent, the final condition precedent of the Sale and Purchase Agreement between Vintage ...

United Kingdom >>  2/14/2019 - AIM-listed UK Oil & Gas (UKOG), the largest onshore licence acreage holder in the Weald Basin, has entered into a binding heads of terms withDoriemus ...
United States >>  2/14/2019 - Harvest Oil & Gas Corp. has entered into a definitive agreement to sell all of its interests in the San Juan Basin in New Mexico and Colorado to an un...

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 


Gabon Oil & Gas 1 >>  2 | 3 |

Oil & Gas Projects in Gabon >>

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.