Equinox Exploration Provides USD $7.5 Million Performance Bond
01st May 2007
Abuja, Nigeria – Equinox Exploration Limited, the exploration and production company of Equinox Group, provided a USD $7.5 Million back to back performance bond in favour of British Gas. The performance bond guarantees the company’s ability to meet its 10% participation interest share of the minimum work program obligations for the Phase I of the contract. The total cost of the work program for Phase I is USD $75 Million.
Equinox Exploration paid its share of the signature bonus for OPL 286-DO in the amount of USD $5.5 Million in December 2006.
British Gas and partners were awarded the license for OPL 286-DO in March 2007. British Gas is the operator (66%), Sahara (24%) and Equinox Exploration (10%). All committees have been established, and exploration and appraisal drilling expected to commence in 2008 pending discussions between partners and necessary approvals from NAPIMS.
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