2010-04-09-2010-01-29

Acquired 45% WI in Nigerian JV with 50,000 BOE/d.

Nigerian oil consortium Seplat Petroleum Co. Ltd. has acquired a 45% interest in three production licenses and related equipment from Shell Petroleum Development Co. of Nigeria Ltd., Total E&P Ltd. and Nigeria Agip Oil Co. for an undisclosed sum.

Seplat acquires Shell's 30% interest, Total's 10% interest and Nigeria Agip's 5% interest in leases 4, 38 and 41, which covers approximately 1,600 square miles in the northwestern Niger Delta. Seplat is jointly held by two Nigerian firms, Platform Petroleum Ltd. and Shebah Petroleum Development Co. Ltd., as well as French oil company Maurel & Prom, which recently acquired a 45% stake in the company.

The area includes about 30 wells with a production capacity of approximately 50,000 barrels of oil equivalent per day. Crude production is currently shut down and awaiting completion of repairs to an export pipeline damaged in late 2008.

National oil company Nigerian National Petroleum Corp. holds the remaining 55% in the joint venture.

The agreement is subject to the approval of the Nigerian government and NNPC and is expected to close by the end of the second quarter.