July 08, 2011:
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South Atlantic Petroleum Limited – RC NO 284117 (SAPETRO) has reached agreement with ROC Oil Company Limited (ROC) to purchase ROC's 75% participating interest in Juan de Nova Maritime Profond exclusive exploration permit, deep offshore Mozambique Channel.
This transaction, which is subject to partner waiver or approvals and French government approvals, will be completed through France based South Atlantic Petroleum JDN SAS, a wholly owned subsidiary of SAPETRO.
SAPETRO is a Nigerian exploration and production company with interest in the deep water block OML 130 and operatorship of offshore Block 1 in the Republic of Benin. The Juan de Nova permit area is 53,000 km2 and is located in the Mozambique Channel. This large block contains a substantial portion of a new deep water exploration province adjacent to Anadarko's recent discoveries in East Africa. Modern seismic data indicate that the Block contains substantial thicknesses of favorably structured Tertiary and Mesozoic sedimentary packages throughout the acreage and remote sensing studies have indicated areas of potential hydrocarbon seepage. SAPETRO intends to aggressively explore Juan de Nova with new seismic and geochemical acquisition programs beginning later this year.
Commenting on the transaction, SAPETRO’s Chief Executive Officer, Martin Trachsel stated, "this is an important step for SAPETRO as we implement our strategy of expanding our exploration portfolio in Africa. We have identified some extremely interesting geology in Juan de Nova which provides an excellent opportunity for exploration. This pure exploration play effectively balances our established production and development activities in Nigeria and Benin" 8th July 2011 South Atlantic Petroleum Limited RC NO 284117.
For further information please contact:
General Manager, Commercial
Tel: +234 803 309 1652