Jacka Resources gets government green light to drill Nigerian oil
Nigeria’s Department of Petroleum Resources has given approval to Jacka Resources Ltd (ASX: JKA) to go ahead with its development plan at its Aje Field.
With the green light from the government, JKA can now move ahead with its contract negotiations for the first part of its multiphase roll out at Aje.
Aje Field development
The Aje Field is around 835km2 and has water depths from between 100m-1,500m, with the potential to drill wells at around 100m-400m.
So far, four wells have been drilled on the Aje Field and significant hydrocarbons have been found. In the first phase of the development, JKA will move ahead with drilling and completing a new well, called Aje-5.
The company will also re-enter and complete the previously drilled Aje-4. JKA plans to produce oil from these two wells and transport it to a leased floating production, storage and off-take vessel located off the coast of Nigeria.
Failed takeover of JKA by Tangiers
Late last year, Tangiers began its attempted takeover of JKA for all of its shares. However, the 90% minimum acceptance conditions were not met so this takeover was unsuccessful.
Tangiers also has developments in Africa, although rather than Nigeria, its main focus is Morocco.
S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.
Conflict of Interest Notice
S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.
Publishers Notice
The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.
