TUSKAR Resources has signed a memorandum of understanding "with Camac International (Nigeria) Ltd to acquire its net production revenue interest in Ukpokiti Field, offshore Nigeria.
The consideration to be paid will be met through the issue of ordinary shares at a price to be negotiated on completion of an independent valuation of the interest.
The Dublin-based oil and gas exploration and production company is to hold a shareholders' meeting to approve thee acquisition. The Camac group has a shareholding in Tuskar. Camac will be excluded from voting on the deal.
The field, located on Oil Mining Lease 108, is currently under fast-track development with first oil production expected at the beginning of July, according to Tuskar. The field is operated by Conoco Energy (Nigeria) Ltd, a subsidiary of Du Pont, with a 40 per cent working interest on behalf of Express Petroleum & Gas Company Ltd, a Nigerian company with a 57.5 per cent working interest and Cama International (Nigeria) Ltd, with a 2.5 per cent working interest.
