Abacan Acquires More Offshore Acreage in Benin Basin.CALGARY, Alberta--(BUSINESS WIRE)--Nov. 12, 1996-- Abacan (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). ABC ABC in full American Broadcasting Co. Major U.S. television network. It began when the expanding national radio network NBC split into the separate Red and Blue networks in 1928. ., NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on ABACF.) Abacan Resource Corporation announced today the signing of a Joint Venture Agreement by one of its wholly owned subsidiaries Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. granting the company the exclusive right to explore and receive production revenues from Concession Block 310 located in the Benin Basin, offshore the western coast of Nigeria near the border of Nigeria and the Republic of Benin. The Joint Venture Agreement was signed with Optimum Petroleum Development Ltd., an indigenous Nigerian company and is subject to the approval of the Nigerian government. Following approval of the Joint Venture Agreement by the Nigerian government, a payment of U.S. $2,000,000 is required to be paid to Optimum as a signature bonus. The company had previously issued 110,000 common shares to Optimum in consideration of the signing of a letter of intent for Concession Block 310 in May 1996. Concession Block 310 is adjacent to Concession Block 309 where Abacan announced a recent oil discovery with its deep-water exploratory well, AJE No. 1. Due to encouraging results from the AJE No. 1 well, Abacan initiated and is currently drilling AJE No. 2, the company's second offshore well in the Benin Basin. SUBSTANTIAL ACREAGE POSITION With Concession Blocks 309 and 310, Abacan's offshore acreage position in the Benin Basin region of Nigeria totals approximately 923,000 acres and extends from the coast of Nigeria into deep water depths. Abacan conducted two seismic surveys on offshore Concession Blocks 309 and 310 in 1994 and 1995 and 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
CONTACT: Abacan Resource Corporation Dirk Lever lever, simple machine consisting of a bar supported at some stationary point along its length and used to overcome resistance at a second point by application of force at a third point. The stationary point of a lever is known as its fulcrum. , 403/262-1220 or Ms. Lon Boshouwers, 403/ 262-1220 |
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