Interrogating the NNPC/Addax face-off over oil mining leases [opinion]
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By Meifor Igwe
IN contemporary Nigerian business context, oil mining leases are like the gold fish that cannot be hidden. And that is why oil mining leases 123, 124, 126 and 137 made headline news 23 years ago and they are back in the media space creating waves once again. They hold huge potential for Nigeria and everyone and can, therefore, not remain idle!
It is a fact that in 1998, the Nigerian National Petroleum Corporation, NNPC, entered into a 20-year Production Sharing Contract, PSC, in respect of certain oil mining leases (OMLs) with Addax Petroleum, a company listed on the Toronto Stock Exchange, TSX. The PSC was subsequently extended for a further four years, until 2022. The assets were OMLs 123, 124, 126 and 137.
Final Results
Ascent Resources Plc (LON: AST), the onshore
Caribbean, Hispanic American and European focused energy and natural resources company, announces its final results for the year ended
31 December 2020.
October 2020
Caribbean, and
Cuba through the acquisition of Energetical Limited in
April 2020, securing the exclusive rights to negotiate the production sharing contract ( PSC ) for the incremental production rights to the Cuban onshore oil production block 9B
· Entry into direct memorandum of understanding with CUPET (
Cuba s national oil company), to secure the exclusive rights to negotiate the PSCs for onshore exploration blocks 9A, 12 and 15, which in aggregate cover over 7,000km2 of license area which include historic wells with oil shows and discoveries
ADDAX OML LICENSE IMPASSE: DPR’s action will boost government revenue – Group
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In the face of the seeming uncertainty surrounding the revocation, restoration of Addax OML License, and the report of the Committee set up by President Muhammadu Buhari on the issue, which indicted Addax for wasting millions of dollars, a Civil Society Organisation, Good Governance Advocates has commended the Directorate of Petroleum Resources (DPR) for taking concrete steps to boost the revenue accruing to the Government in underperforming assets.
In a statement signed by its National President, Kema Maxwell, it noted that in choosing a new operating consortium to manage the OMLs, DPR carefully opted for an operator that is familiar with the revoked assets, and saving the country a huge economic loss.
Angkor Resources Corp.: Angkor Resources Extends Trenching Program at Wild Boar Gold Prospect
Toronto, Ontario (Newsfile Corp. - April 29, 2021) -
Angkor Resources Corp. (TSXV: ANK) (OTC Pink: ANKOF) ( Angkor or the Company ) CEO, Stephen Burega is pleased to announce a continuation of trenching at its Wild Boar prospect at Angkor s 100%-owned Andong Meas license. The previously completed pitting program revealed numerous shallow dipping to flat gold-bearing quartz veins over an area of 75 metres X 250 metres.
While the previously announced Induced Polarization (IP) program continues over the area (See Press Release), the Company has initiated a trenching program based on the near-surface veins detected and sampled in the test pits. This program will determine the length of the veins between the test pits; the grade of the gold in the veins; and how the veins terminate.
Toronto, Ontario–(Newsfile Corp. – April 29, 2021) –
Angkor Resources Corp. (TSXV: ANK) (OTC Pink: ANKOF) (“Angkor” or “the Company”) CEO, Stephen Burega is pleased to announce a continuation of trenching at its Wild Boar prospect at Angkor’s 100%-owned Andong Meas license. The previously completed pitting program revealed numerous shallow dipping to flat gold-bearing quartz veins over an area of 75 metres X 250 metres.
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While the previously announced Induced Polarization (IP) program continues over the area (See Press Release), the Company has initiated a trenching program based on the near-surface veins detected and sampled in the test pits. This program will determine the length of the veins between the test pits; the grade of the gold in the veins; and how the veins terminate.