Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/mart-resources-in-consortium-to-acquire-onshore-ni.shtmlMart Resources in consortium to acquire onshore Nigerian Oil Mining Lease 18
Mart Resources, Inc. is a member of a consortium (the "Consortium") that has entered into an assignment agreement (the "Assignment Agreement")
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Mart Resources, Inc. is a member of a consortium (the "Consortium") that has entered into an assignment agreement (the "Assignment Agreement") with The Shell Petroleum Development Company of Nigeria Limited (SPDC), Total E&P Nigeria Limited and Nigerian AGIP Oil Company Limited (collectively, the "Sellers") pursuant to which a special purpose company (Consortium SPV) owned directly or indirectly by the Consortium members will acquire a 45% participating interest in Nigerian Oil Mining Lease 18 (OML 18) and all associated assets, wells, pipelines and infrastructure.
The remaining 55% participating interest of OML 18 will be retained by the Nigerian National Petroleum Corporation (NNPC). The acquisition is subject to numerous terms and conditions including receipt of Nigerian Government approval.
