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April 2004
JDZ Block 1 Licence Award | |
EER, through its JV company, Dangote Energy Equity Resources Ltd (DEER), is awarded a 9% interest in JDZ Block 1, alongside its partners a major I.O.C. (Operator) and ExxonMobil receiving 51% and 40% respectively.
This is EER’s first asset and provides the company with a platform to build upon.
EER's President, Olav Eimstad, says, “This award with a major I.O.C. as operator, alongside ExxonMobil gives us access to their highly-valued deepwater expertise”.
JDZ Block 1 is reported to hold up to a billion barrels of oil and gas reserves.
The total signature bonus for JDZ Block 1 is US$123 million.
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February 2005
JDZ Block 1 PSC signed | |
Through its JV company, DEER, EER signs a PSC for JDZ Block 1 at a signing ceremony in São Tomé and Príncipe, hosted by the country’s president, Fradique de Menezes.
EER’s Senior VP for Business Development, Osamede Okhomina says, “This is a great day for all and especially for the people of São Tomé and Príncipe. If, as our technical reviews indicate, Block 1 holds significant reserves, the people of São Tomé and Principe will reap substantial benefits in all aspects of their socio-economic life.”
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June 2005
JDZ Block 3 Licence Award | |
EER is awarded a 10% working interest in Block 3 in the JDZ’s Second Licensing Round.
It shares this award alongside designated operator, Anadarko, as well as ERHC, Ophir, Equinox Oil and Gas and Pioneer.
JDZ Block 3 is located offshore in the Gulf of Guinea, between Nigeria and São Tomé and Príncipe.
The total signature bonus for the JBZ Block 3 is US$40 million.
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April 2006
EER raises US$30 million in external funding | |
EER raises US$30 million to fund its ongoing acquisition and exploration programme through a private placement of shares.
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June 2006
EER forms alliance with Mwana Africa Plc | |
EER signs an MOU with Mwana Africa Plc, creating an opportunity that may result in further acquisition, exploration, development and production of oil and gas assets in Africa.
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September 2006OML 115, Nigeria | |
The block is located in a highly prolific region of the Niger Delta, circa 50 km from the coastline, with water depth of approx 60 meters; it is surrounded by large producing fields in Nigeria, Cameroon and Equatorial Guinea. EER signed an agreement to farm into the license in September 2006 and has an initial commitment to drill and fund one exploration well in return for a 40% interest in the license. In addition, EER acts as technical advisor to the operator, Oriental Energy Resources Ltd.
The original license, OPL 224, was granted to Oriental Energy Resources Ltd on 21 September 1990 and was converted to OML status on 20 May 1999 based on the commerciality of the Ufon gas discovery. In total 6 wells have been drilled on the block – 1 oil discovery (Okwok 3), 1 gas discovery (Ufon) and 4 dry holes. EER currently sees two principal exploration targets – the shallow Agbada sands and deeper ‘Qua lboe’ targets. EER’s strategy will be to initially target the lower risk shallower Agbada prospects, with a view to bringing on production as quickly as possible once a commercial discovery is made.
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January 2007
Acquisition of Syntroleum Nigeria Ltd | |
Following EER's earlier entry into OML 90 and OML 113, studies highlighted the significant attractiveness of these assets. Subsequent negotiations with Syntroleum Corporation led to the acqusition of Syntroleum Nigeria Ltd - containing additional interests in both licences. EER made an initial downpayment to secure the assets and will make further performance - related payments contingent upon achieving certain project milestones. |
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