Nigerian oil and gas player, Kola Karim, is in negotiation, through Shorecan, with the Equatorial Guinea Government, to acquire the operating stake in EG-0 8, located east of Bioko Island, off Equatorial Guinea. The lease lies north of the Alen production area, where Noble Energy, the American independent, operates the 25,000BOPD Alen field.
Shorecan (whose full name is Shoreline Can Overseas Petroleum Development Corporation Limited) is a special purpose vehicle formed by Karim’s Shoreline Energy International and the Canadian minnow Canadian Overseas Petroleum Limited.
EG 08 is one of the five blocks currently under negotiations between interested companies and the Equatorial Guinea government, according to Gabrie lM. Obiang Lima, the country’s Minister of Mines, Industry and Energy. The five blocks are some of the acreages offered in the 2014 bid round, which have not been awarded.
Shoreline Energy International has significant share in Shoreline Natural Resources, which holds 45% in the Oil Mining Lease (OML) 30 onshore Nigeria. Canadian Overseas Petroleum Limited has interest in Block LB-13 offshore Liberia. These interests in OML 30 and Block LB -13, are outside of the Shorecan JV.