Petroleum Africa
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Tuesday, May 20, 2008
White Nile Ltd., the UK independent which holds assets in East Africa, has traversed the continent and taken a bite out of West Africa with the acquisition of PA Energy Africa Ltd. (PAEA), a private oil company which operates in Nigeria. Under the terms of the purchase agreement White Nile will pay a cash consideration of $1.839 million and 3,132,688 in new ordinary shares of White Nile.
PAEA holds service contracts for the development of two Nigerian marginal fields: the Dawes Island Field in OML 54 and the Tsekelewu Field in OML 40, both carve outs under the indigenous program. The service contracts have been executed with the Marginal Field License holders Eurafric Energy and Sahara Energy respectively. Both Eurafric and Sahara are Nigerian companies that acquired their licenses in the Marginal Field licensing round of 2004.
White Nile Chairman Phil Edmonds said, “The acquisition of PAEA expands our exposure to oil producing regions in Central Africa. We now have substantial exposure to Nigeria, Southern Sudan, Kenya and Ethiopia, which is realizing our strategy of building a regional oil company, with assets in exciting petroliferous regions. We have development programs in Kenya and Ethiopia as we seek to quantify the potential of our interests. Additionally, we remain focused on expanding our reach and exploration portfolio and will continue to evaluate other opportunities in Africa in order to add value for our shareholders.”
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