Abacan Acquires More Exploration Rights in Benin Basin.CALGARY Calgary (kăl`gərē), city (1991 pop. 710,677), S Alta., Canada, at the confluence of the Bow and Elbow rivers. The largest city in Alberta and the fastest-growing major city in Canada, Calgary is a corporate, transportation, and financial , Alberta--(BUSINESS WIRE)--May 23, 1996--Abacan Resource Corporation announced today the signing of a Letter of Intent which gives Abacan exclusive exploration rights and revenue interests to Concession Block 310 in the Benin Benin, country, Africa Benin (bĕnēn`), officially Republic of Benin, republic (2005 est. pop. 7,460,000), 43,483 sq mi (112,622 sq km), W Africa, bordering on Togo in the west, on Burkina Faso and Niger in the north, on Nigeria in Basin, located on the western coast of Nigeria, near the border of Nigeria and Benin. The company previously held a seismic option on this offshore block which is located adjacent to Block 309 where Abacan is currently drilling an exploratory well which presently is at intermediate depth. Abacan conducted a seismic program in Block 310 in 1994. With the addition of Block 310, which covers approximately 510,000 acres and extends from the coast of Nigeria into deep water depths, Abacan has secured the rights to a substantial acreage position in the Benin Basin. The Letter of Intent is with Optimum Petroleum Development Ltd., an indigenous Nigerian company. Abacan was one of the first international companies to enter into joint ventures with Nigerian companies This is a list of Nigerian companies. The companies are currently listed by sector. The list is incomplete. Quasi-Governmental Corporations
Under the terms of the Letter of Intent, Abacan will issue, subject to applicable regulatory approval, 110,000 common shares. Abacan has 75 days to conduct due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. and finalize fi·nal·ize tr.v. fi·nal·ized, fi·nal·iz·ing, fi·nal·iz·es To put into final form; complete or conclude: "They have jointly agreed ... a formal Joint Venture Agreement, at which time U.S. $2,000,000 would be payable to Optimum. Meanwhile, drilling is proceeding on AJE no. 1, Abacan's first deep water exploratory well, on offshore Block 309 in the Benin Basin, which is located to the west of Block 310. Both blocks are near the Seme oil field offshore the Benin Republic. AJE no. 1 is the first offshore well in the Benin Basin to be drilled by Abacan, which is also developing a major oil field in the Niger Delta The Niger Delta, the delta of the Niger River in Nigeria, is a densely populated region sometimes called the Oil Rivers because it was once a major producer of palm oil. . CONTACT: Abacan Resource Corporation Wade Cherwayko, 403/262-1220 or Ms. Lon Boshouwers, 403/262-1220 |
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