SacOil has assigned 20% equity in Oil Prospecting Licence (OPL) 233 offshore Nigeria (the participating interest). The assignment of the participating interest was duly granted and authorised by the Nigerian National Petroleum Corporation (NNPC) as per the submitted Deed of Assignment under the OPL 233 Production Sharing Contract (PSC). This perfects title of the Company's 20% working interest in OPL233 and will allow the Company to commence a broader and more proactive work programme over the asset.
Accordingly, the assignment of the participating interest is a milestone in the Company's evolution and is the first asset over which the Company has perfected title in Nigeria. The focus now is to continue the progress made on the assets by working in collaboration with the joint venture partners to deliver reserves and production.