Pan African Oil Ltd. Provides Nigeria and Operational Update
24 March 2014 - 11:59PM
Access Wire
CALGARY, AB / ACCESSWIRE / March 24, 2014
/ Pan African Oil
Ltd. ("PAO"), as part of its strategy to
expand its operations in Sub-Saharan Africa, has been evaluating
assets in Nigeria for the past 18 months. The combination of
existing marginal field opportunities, the divestment of material
properties by major international oil companies and the recently
announced marginal field bid round provides an unprecedented
opportunity to acquire quality assets in one of the world's most
prolific petroleum basins.
As part of efforts to
establish a presence in Nigeria, PAO is pleased to announce that it
has signed a Memorandum of Understanding ("MOU") with a Nigerian company,
Blackfire Exploration and Production Ltd.
("Blackfire"),
to jointly pursue opportunities in the upcoming marginal fields
round as announced by Nigerian Department
of Petroleum Resources ("DPR") in November of 2013, as well
as other opportunities in and outside of Nigeria.
2013 Marginal Field Round
The DPR has announced that 31
fields, both on and off-shore, will be included in the bid round.
The DPR will manage the bid round process, which includes the
following milestones:
-
-- Submission of
application by interested companies
-- Prequalification
of interested companies
-- Announcement
of prequalified companies
-- Submission
of detailed technical and commercial bids
by prequalified companies
-- Evaluation
of technical and commercial
bids
-- Announcement
of winning bids
The MOU provides that, in the
event of a successful bid for a field (or fields), PAO will retain
a minimum 40% working interest and provide technical, financial and
operational support for field development.
About Blackfire
Exploration and Production
Ltd.
Blackfire is a privately held
Limited Liability Company, incorporated in Nigeria. It
is an exploration and production company focused on Nigeria
but with regional ambitions to expand in Africa, and
on developing capacity, relationships and
opportunities that will bring it to the forefront of exploration
and production.
The Chairman of the Board of
Directors for Blackfire is His Royal Majesty (King) Dr. Edmund M.
Daukoru, Mingi XII, Amanyanabo of Nembe Kingdom, in Bayelsa State
of Nigeria. Dr. Daukoru obtained a PhD in
Geology from Imperial College London and was
employed by Shell International Petroleum Company in
1970 where he began his his full and rich career in
the oil industry. At Shell he rose from Chief
Geologist to General Manager of Exploration in
Nigeria. Upon leaving Shell, he rose to be Nigeria's
Minister of Petroleum and OPEC President.
Namibia Update
PAO is working to advance
exploration activity on its three operated Blocks in Namibia,
2211Ba and 2311a in the Walvis Basin & 2612A in the Luderitz
Basin. We are excited about both the size and number of leads that
have been identified in a new deep-water play fairway that extends
across both licenses, as well as the drilling results from last
year which proved up a working, oil-prone petroleum system in the
vicinity of PEL 50. Although our first term work commitments have
largely been met, we continue our efforts to secure partners to
participate in 3D seismic acquisition programs that will help
mature the identified leads into drill-ready prospects. We are also
excited by upcoming exploration activity offshore Namibia, which
includes an exploration well in License 0010 in the northern Walvis
Basin to be drilled by Repsol and the recent farmout of Cowan Oil
and Gas in Blocks 2613A and 2613B to Murphy Oil and OMV, with a
4000 square kilometre 3D seismic program that is scheduled to be
acquired in Q2 2014. PAO's Block 2612A is immediately adjacent to
the west of the Cowan Blocks in slightly deeper water.
For more information, please
contact:
Gary Wine
Tel: (587) 353-2205
Fax: (587) 353-2207
Email: info@panafricanoil.com
This press release contains
forward-looking statements. More particularly, this press release
contains statements concerning PAO's operations, including, without
limitation, the marginal field round announced by the DPR, PAO's
working interest in any successful bid, and PAO's views regarding
the proposed exploration activities of other parties. Management
provides forward-looking statements because it believes they
provide useful information to readers when considering their
investment objectives and cautions readers that the information may
not be appropriate for other purposes. Consequently, all of the
forward-looking statements made in this press release are qualified
by these cautionary statements and other cautionary statements or
factors contained herein, and there can be no assurance that the
actual results or developments will be realized or, even if
substantially realized, that they will have the expected
consequences to, or effects on, PAO. Although PAO believes in light
of the experience of its officers and directors, current conditions
and expected future developments and other factors that have been
considered appropriate that the expectations reflected in these
forward-looking statements are reasonable, undue reliance should
not be placed on them because PAO can give no assurance that they
will prove to be correct.
Forward-looking statements
involves known and unknown risks, uncertainties, assumptions and
other factors that may cause actual results or events to differ
materially from those anticipated in such forward-looking
information. The risks, uncertainties and other factors, many of
which are beyond PAO's control, that could influence actual results
include, but are not limited to: PAO's limited operating
history and lack of revenue; exploration, development
and operating risks; risks of operating in Nigeria and Namibia;
regulatory risks; financing risks and dilution to shareholders;
stock market volatility; competition; reliance on management and
dependence on key personnel; fluctuating oil and gas prices and
marketability of oil and gas; environmental risks; governmental
regulations and processing licenses and permits.
The forward-looking statements
contained in this press release are made as of the date hereof and
PAO undertakes no obligation to update publicly or revise any
forward-looking statements or information, whether as a result of
new information, future events or otherwise, unless so required by
applicable securities laws.
Neither the TSX Venture
Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this
release.
Not for distribution to United
States Newswire Services or for Dissemination in the United
States.
SOURCE: Pan African Oil Ltd.
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