Scandoil  

SacOil Holdings receives first refund on OPL 233


Published Jun 10, 2015
SacOil Holdings

SacOil Holdings Limited announced the receipt of US$10 million from Ecobank, associated with the cash collateral that secured the performance bond on Oil Prospecting License (OPL) 233 in the Niger Delta region, Nigeria.

SacOil entered into a farm-in agreement with Nigdel United Oil Company (Nigdel) and Energy Equity Resources Norway Limited (EERNL) in November 2010 under which SacOil and EERNL agreed to assist Nigdel in the procurement of the Performance Bond as required under a profit-sharing contract.

The cash collateral was originally paid as part of SacOil’s obligations towards posting the bond in April 2013. This performance bond has expired on 2 May 2015 and SacOil has since announced the Company’s withdrawal from the joint venture as part of its new strategy to balance and rationalise its portfolio of assets. The Company said in an earlier statement that its withdrawal from OPL 233 “improves the Company’s financial position and will reduce future financial exposure emanating from such higher risk assets.”

Tags: SacOil Holdings




Advertisment:

Add a Comment to this Article

Please be civil. Job and promotion will not be added into the comment page.

(Use Markdown for formatting.)

This question helps prevent spam:

+ Larger Font | + Smaller Font
Top Stories

 

 

 

 


 


RSS

RSS
Newsletter
Newsletter
Mobile News
Mobile news

Computer
Our news on
your website


Facebook
Facebook
Twitter
Twitter

Contact
Contact
Tips
Do you have any
tips to us
Stats

 

sitemap xml