HOUSTON and LAGOS, Nigeria, October 29 /PRNewswire/ --
Atlas Petroleum International Ltd, and partner Summit Oil and Gas Worldwide are evaluating the sale of up to 40 percent of the working interest in Block OML 109, located just 12 miles offshore in the shallow waters of the Niger Delta.
"Following on the heels of our recent success with Noble Energy on Block I in Equatorial Guinea, we believe now is the time to explore opportunities with prospective new partners in this as yet under-explored block, OML 109," said Prince Arthur Eze, owner and chairman of Atlas Petroleum International Ltd.
Recently a complete review of OML 109 was conducted and the results revealed an exploration potential of 2.2 billion barrels of oil in the under-explored block.
Encompassing 191,000 acres or 773 square kilometers, the OML 109 block has only been addressed with three exploration wells in its entire history, the first in 1966. Extensive oil and gas infrastructure exists in and around the block including that of the Ejulebe Field currently producing 1,300 barrels of oil a day with remaining 2P reserves of 6.4 million barrels. OML 109 is adjacent to Chevron's Sonam discovery and near such noteworthy fields as Okan and Mefa.
Prince Eze and Summit Oil and Gas Worldwide are working with Simco in London and Bunker Hill in Houston in discussions with investors.
Atlas Petroleum International Ltd is a privately owned, independent Nigerian oil company. Launched more than 10 years ago by its owner and chairman, the Nigerian entrepreneur Prince Arthur Eze, the company has oil and gas interest throughout West Africa, including Equatorial Guinea, the Ivory Coast and Nigeria.
Tricia Coghlan of Richards Carlberg, +1-713-964-3606, Tricia_coghlan@richardscarlberg.com, or Mack Fowler of Bunker Hill Associates, +1-713-223-5730, firstname.lastname@example.org, both for Atlas Petroleum International Ltd