RE: Nigeria OML 141 NW Option Agreement29 Nov 2021 22:42
Zenith Energy Ltd - Calgary, Canada-based oil & gas company - Inks option agreement with Noble Hill-Network for risk service contract in Nigeria. Noble Hill-Network is a Nigerian oil and gas company which owns the risk service contract for the development of the North-West corner of OML 141 in Nigeria, which covers 105 square kilometres of the Niger Delta region and contains the potentially highly productive Barracuda and Elepa South oilfields. The object of the option is to provide Zenith with the opportunity to jointly develop the RSCA of OML 141 with Noble Hill-Network. Plans have already been finalised to drill, test, and complete the Barracuda 5 well. The consideration to exercise the option to buy a 42% interest in Noble Hill-Network has been agreed at USD20 million. Announcement is noted by ADM Energy PLC, which is majority shareholder of Konh, which holds an indirect 70% controlling interest in a risk sharing agreement in the Barracuda oil field in OML 141.