1. The Nigeria Sao-Tome and Principe Joint Development Authority (NSPJDA) is pleased to announce that the Joint Ministerial Council (JMC) has approved the award of 91% relinquished interest by former contractor parties in JDZ Block-1, which contains the Obo-1 discovery well to a new set of investors who are willing to fast track the development of the Obo-1 well alongside other promising prospects in JDZ Block-1.
2. The new Production Sharing Contract (PSC) for JDZ Block-1 was signed on the 9th of June 2015 at the JDA Headquarters in Abuja with the following Exploration and Production (E&P) companies:-
* Equator Hydrocarbons Limited (Operator) - 56%
* PAPIS Energy Solutions - 35%
* Dangote-Energy Equity Resources (DEER) - 9% (Existing Stake)
3. In an effort to ensure the speedy development and an eventual commencement of production from the Obo-1 discovery, the JMC mandated the JDA to proceed with the deployment of the Non-Conventional Technology in order to fast track activities in the Obo-1 well and other high value prospects in the JDZ.