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Addax Wins Operatorship Of OPL 291

The Swiss independent, Addax has bought a stake in Nigerian independent Starcrest’s OPL 291 for $35MM. Addax will operate the deepwater lease, adjacent to Chevron’s billion barrel Agbami field, with 72.5%. Addax and Starcrest have signed a production sharing contract with Nigeria National Petroleum Corporation (NNPC) in respect of the license. 0PL291 is located approximately 130 kilometers off the Nigerian cost, where the water depth ranges from approximately 1,000 to 2,300 meters and covers a gross area of 1,287 square kilometers (318,000 acres).

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