Jacka Resources gets government green light to drill Nigerian oil

Published 08-APR-2014 13:44 P.M.


1 minute read

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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.

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