In Nigeria, Blacksands Pacific Group Inc. has terminated all discussions, interests, and agreements with Sigmund Oilfields Ltd. and the Grasso Consortium (consisting of Grasso Nigeria Ltd., Oil and Gas Mission Ltd., and Eurafric Energy Ltd.) for the development of the leased acreage OPL 2012 located offshore Niger Delta.
Blacksands Pacific entered into a participation agreement with Sigmund and Grasso Consortium, following which Blacksands Pacific began extensive diligence and procured $250 million in financing for concluding the participation and expected unitization of the asset, as well as the subsequent development of other prospects within the asset.
However, Blacksands Pacific has been unable to obtain the necessary commitment and assurances from Sigmund and Grasso, hence the decision to terminate the participation and agreement and to withdraw from any further participation or interest in the OPL 2012 asset. Following the termination, Blacksands Pacific is no longer a partner in the development of the assets and does not own any interest in the asset, which will be owned 100% by Sigmund and Grasso.
Blacksands Pacific was represented by White & Case LLP for the financing and proposed participation.