Nigeria: Jacka Finalizes Aje Field Acquisition

Jacka Resources Limited  has closed the transaction with Providence Resources Pic (“Providence”) for the acquisition of a direct equity interest in the OML 113 licence offshore Nigeria, which includes the Aje oil and gas field.

Jacka has made the required US$10 million payment (including deposit of US$1 million) representing the first tranche instalment required under the SPA. The second and final payment tranche of $US6 million is scheduled for the end of April 2012. The acquisition sees the company lift its 2P contingent resources base from 16.6 million barrels to 26.6 million barrels of oil equivalent1.

Commenting on the forthcoming year Jacka Chairman Scott Spencer commented: “The work program we are formulating for 2012 could see us progress appraisal/development and exploration opportunities in Tunisia and Nigeria. In addition, early in the New Year we expect to conclude our negotiations for the Ruhuhu PSA in Tanzania and fast-track some of our new venture activities.”

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Offshore Energy Today Staff, January 16, 2012