Addax joins deepwater Nigeria prospect
Offshore staff
CALGARY, Canada -- A farm-out agreement with Starcrest Nigeria Energy Ltd. was signed by Addax Petroleum Corp. covering a PSC with Nigeria National Petroleum Corp. on OPL 291 in deepwater offshore Nigeria.
OPL291 is 130 km off the Nigerian coast in water depths of 1,000 - 2,300 m and covers a gross area of 1,287 sq km (318,000 acres). OPL291 is adjacent to OML127 which contains the Agbami and Ikija fields, operated by Chevron and OPL242 operated by Devon Energy.
Addax and Starcrest agreed to pay $55 million to NNPC and to invest $75 million in 3D seismic acquisition and one exploration well. Further, the JV will invest in an independent power project that would use any gas produced commercially from OPL 291.
10/25/06