NTI in JV with Peak in Nigerian offshore concession

Mar 11, 1997 01:00 AM

NTI Resources has entered into a Joint Venture Agreement with Peak Petroleum Industries Nigeria Limited ("Peak Petroleum") to explore and develop OPL 460, an oil and gas concession block in the Niger Delta, offshore Nigeria. Exploration works on this concession block are still at a preliminary stage.
Under the terms of the agreement, NTI will fund 100 % of the drilling costs for two exploration wells, the first of which will be spudded in the third quarter of 1997. Initial estimates of the drilling cost is approximately $ 14.8 mm for each well.
Before Pay Out, NTI will be the operator of OPL 460 and all hydrocarbons produced will be shared 60 % to Peak Petroleum and 40 % to NTI. After Pay Out, Peak Petroleum will assume operatorship and all hydrocarbons produced will be shared 70 % to Peak Petroleum and 30 % to NTI. NTI has the right to assign its interest pursuant to the agreement, or a part thereof to a third party. Therefore, the Company is currently discussing with a number of interested parties for a possible farm-out of portions of NTI's interest in the project including technical backup by established operators. The Operating Agreement between NTI and Peak Petroleum is expected to be completed on or before March 31st, 1997.

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