Sirocco Energy (ASX: AAE), previously known as Agri Energy, and its partners now have up to 31 December 2012 to lodge their security bond of US$6 million for Block 14 in Sudan.
The bond was originally required to be paid by 3 November.
Sirocco is acquiring a 37.4% beneficial share in Block 14 through a 49.9% ownership of Statesman Africa, and has signed the Joint Operating Agreement (JOA) and the Joint Operating Company Shareholders Agreement (Shareholder Agreement) with respect to Block 14.
These form the basis of the ongoing relationship between the partners, being SAL’s wholly owned subsidiary Statesman Resources with 75% of Block 14, Express Petroleum (15%) and Sudapet (10%).
The JOA parties are in the process of incorporating the Joint Operating Company – to be named Baraka Petroleum Operating Company – appointing the key personnel and opening an office in Khartoum.
Studies have defined 1.5 billion barrels of gross unrisked prospective resource in Block 14.
This is contained in 30 potential traps that have gross resources ranging from 20 million barrels (low or P90) to 200 million barrels (high or P10) each, with the best estimate being 50 million barrels.
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