Agri Energy enters Sudan Block 14
Agri Energy out of Australia has jumped on the Africa bandwagon, acquiring a stake in Sudan’s oil and gas industry through its purchase of an interest in another company. Agri picked up a 49.9% stake in Africa-focused explorer Statesman Africa.
Statesman holds a 75% working interest in a massive 100,000 sq km onshore Sudan block, Block 14. The block contains a 600 million barrel lead identified on existing seismic data and is surrounded by multi-billion barrel oil producing provinces
Agri will pay a nominal consideration for the state in Statesman Africa, which is a wholly-owned subsidiary of Statesman Resources Ltd. Agri will also fund 49.9% of share of costs of Statesman’s activities, including but not limited to the work program for Block 14.
The minimum expenditure over the three-year term of the exploration production sharing agreement for Block 14 is $12 million. Agri has advanced Statesman $800,000 as interim funding and to form part of its overall funding obligations upon completion of the transaction.
Block 14 is situated in the remote and uninhabited northwestern corner of Sudan, directly adjacent to its borders with Egypt and Libya.
Agri Energy has appointed Taylor Collison to raise A$300,000 through the issue of 60 million shares at 0.5c per share to assist in the funding of the transaction. The company, which is changing its name to Sirocco Energy, added that the acquisition will constitute a change in the nature and scale of its activities, requiring it to re-comply with the ASX admission requirements.
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