Sacoil Holdings Ltd, Friday, said it would now push ahead with seeking approval for taking a 20% stake in an oil prospecting license in Nigeria, after a key hurdle delaying the deal that was signed in 2010 fell.
SacOil said Friday that Transcorp had informed it that the production sharing agreement had now been signed, and SacOil intended to liaise with Trasncorp to seek Nigerian government approval for the transfer of a 20% participating interest to the AIM-listed company.
“Transcorp has informed SacOil that the NNPC has signed the PSC for OPL 281,” the company said in a statement. “NNPC’s signing of the PSC for OPL 281 now clears the way for Transcorp and SacOil 281 to prepare and to lodge an application to seek the approval from the Government of Nigeria for Transcorp to assign a 20% participating interest to SacOil 281.”
“With the signing of the PSC, Transcorp, as operator of OPL281, will now proceed to execute the PSC commitments and work programme to appraise the contingent resources estimated at approximately 100 million barrels of oil equivalent.
“The Company will now liaise with Transcorp in order to pursue the preparation of the application to seek Government’s approval, as well as to attend to the lodging of same with the appropriate authorities in Nigeria. “
SacOil shares were down 3.2% at 3 pence Friday morning.
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