The Blacksands Pacific Group, Inc has announced that it has entered into an Agreement with Sigmund Oilfields Limited and Grasso Consortium consisting of Grasso Nigeria Limited, Oil and Gas Mission Limited and Eurafric Energy Limited for the development of the leased acreage OPL 2012. OPL 2012 is located offshore Niger Delta, in shallow waters between 50 and 100m, within a highly prospective zone bordered by Shell’s HD field to the northwest, NNPC’s Agbara field to the west, several oil and gas discoveries of Addax to the south, H1 field of Sunlink to the west and JK Field of Shell to the north.
Blacksands Pacific extends its indigenous partnership in Nigeria by executing an agreement with Sigmund, to jointly explore, develop and produce from the OPL 2012. Under the terms of the farm-in agreement with Sigmund Oilfields, Blacksands Pacific as Joint Operator, technical and financial partner will acquire 40 per cent equity and legal interest with an effective 60 per cent economic interest (subject to gross volumes lifted). Blacksands Pacific has undertaken to fund 100% of the work program.
The Oil Prospecting Lease Block 2012 was awarded to Grasso Consortium consisting of Grasso Nigeria Limited, Oil and Gas Mission Limited and Eurafric Oil field Limited. The consortium transferred 84% ownership of the OPL Block 2012 to Sigmund Oilfield Limited.
As the Joint Operator and financial partner, Blacksands Pacific will be responsible for the development of OPL 2012 and will be responsible for 100% of Working Interest by providing the required CAPEX funding and technical expertise for the exploration, appraisal, development and production of hydrocarbons (including drilling and mining activities) within OPL Block 2012, which includes satisfying the required regulations for converting the Block to an Oil Mining License (OML).
