Offshore staff
CALGARY, Canada – Shoreline CanOverseas Petroleum Development Corp. (ShoreCan) has executed agreements with Essar Exploration & Production to resolve their disputes concerning an exploration work program offshore Nigeria.
Among the conditions, Essar Mauritius will carry ShoreCan for a 10% interest (capped at $5 million net) on all costs relating to drilling of the first well to be on the OPL 226 production-sharing contract.
ShoreCan in turn has the option to increase its shareholding in Essar Nigeria from 10% to 30% by paying 20% of the latter’s historic expenditures through drilling of the first well.
The option is exercisable within 90 days of completion of the first well, as defined in a plan approved by concessionaire NNPC and Nigeria’s regulator (DPR) under Phase 1 of the PSC.
08/05/2020
