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AsherXino becomes operator of offshore block in Niger Delta
(7/20/2010 - OGI: Houston) AsherXino has successfully completed the acquisition of 40% economic interest and operatorship of Nigeria's offshore Block OPL289 in the Niger Delta following government approval and the required farm-in conditions entered into with Cleanwaters Consortium and Seven Waves.
AsherXino said today that this is the second oil and gas property it has obtained interest in, and that it provides the company with a platform to build upon.
OPL289 is located 53 km offshore in the western sector of the Niger Delta in shallow waters ranging in depth from 80 to 160 meters. It occupies an approximate area of 385.4 sq km. The oil field is centrally located in the western basin with the 500 million bbl Apoi/Funiwa Field located 32 km east and the 1 billion bbl Agbami Field located 80 km to the south. The billion-bbl Bonga Field is located more than 80 km to the west. The prospectivity of this oilfield is very high based on the extensive amount of work already carried out to date, including 3D seismic, seismic interpretations, and downdip well data, which indicates potential oil in place of between 200 and 500 million bbl of oil and 1 Tcf of natural gas recoverable. At present market values, AsherXino said its 40% interest in OPL289 is valued at between US$5.6 billion and $14 billion.
Under the terms of the agreement, AsherXino will be responsible for paying all costs for the development of the field, and will be able to recover those costs via an allocation of oil and gas produced from the field. After all costs have been recovered, AsherXino, Cleanwaters, and Seven Waves will share in the production in accordance with their working interests.
Michael C. Hinton, president of AsherXino, said, "We are pleased to have obtained the Nigerian government approval to participate in and develop such a prolific oil field. We will now move on rapidly to appraise the previous work done and commence immediately the development of our target field, Okporoko, in a cost effective manner."
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