HOUSTON and LAGOS, Nigeria, Oct. 29 /CNW/ -- 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
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
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.
For further information:
For further information: 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