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AsherXino Farms-Out 8% Working Interest In OPL 289 In Nigeria

Published: Jun 15 2011
Deal Summary

AsherXino Corporation, an oil and gas exploration and production company, farmed out 8% working interest in Nigeria offshore concession - OPL 289, to an international oil service company, for a consideration of $10m.

OPL 289 is located 33 miles offshore in the western Niger Delta basin in shallow water (80-160 meters) that covers an area of around 385.4 square kilometers. The OPL 289 has potential oil in place of between 200 and 500 million barrels recoverable.

The transaction implies deal value of $1,312.51 per acre of land.

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