Global Iron Acquires African Petroleum in $500 Deal

Source: www.gulfoilandgas.com 2/9/2010, Location: Africa

Global Iron Limited. has entered into what it believes is a ‘company transforming’ transaction to acquire private company APCL which, on completion, will own the rights to two highly prospective oil and gas exploration blocks located in offshore Liberia, West Africa (“Blocks 8 and 9”) (refer Annexure A) in a deal valued at approximately A$500 million (based on approximately 906 million shares issued at a price of A$0.55 per share) (“Acquisition”).

Independent oil and gas specialist consultant, IHS Global, has carried out a Competent Persons Report and provided an assessment of the prospective resources on the blocks. The report includes the conclusion that the three Upper Cretaceous turbidite play leads on Blocks 8 and 9 have indicative combined un-risked P50 recoverable prospective resources of 1875 MMbbls with a range of 945 (P90) to 3043 (P10) MMbbls1. The Competent Persons Report in its entirety reflects the independent consultants view.

APCL has already commenced 3D Seismic survey over 5000km², which is being conducted by TGS Nopec. APCL has also engaged a fully integrated geological team from Senergy (GB) Limited to support APCL in completing a full geological model for Blocks 8 and 9, which will include the interpretation of 3D seismic data and the identification and ranking of potential drill targets.


Egypt >>  7/5/2022 - A project for the 3D seismic imaging of the first OBN survey ever carried out in the Nile delta covering the Atoll and Atoll North fields has been awa...
Nigeria >>  6/28/2022 - It has been announced by Maire Tecnimont S.p.A. that its subsidiaries Tecnimont and Stamicarbon have received a number of new contracts and order vari...

Morocco >>  6/20/2022 - Chariot (CHAR) is happy to announce that it has signed a front-end engineering and design ("FEED") agreement ("Agreement") for the Anchois gas develop...
Egypt >>  4/28/2022 - In the context of the Suez Canal Authority's efforts to promote yacht tourism in the Canal region, H.E. Admiral Osama Rabie, Chairman of the Suez Cana...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.