October 22, 2017 5:39 PM ET

Oil, Gas and Consumable Fuels

Company Overview of South Atlantic Petroleum Limited

Company Overview

South Atlantic Petroleum Limited operates as an oil and gas exploration and production company with a portfolio of assets in West, Central, and East Africa. The company was founded in 1995 and is based in Lagos, Nigeria.

2nd, 11th and 12th Floors

South Atlantic Petroleum Towers

1 Adeola Odeku Street, Victoria Island

P.O. Box 73152

Lagos,  

Nigeria

Founded in 1995

Phone:

234 1 9032750

Fax:

234 1 270 1907

Key Executives for South Atlantic Petroleum Limited

Managing Director
Executive Vice Chairman
Head of Strategic Planning
Head of Legal
General Manager of Corporate Services
Compensation as of Fiscal Year 2017.

South Atlantic Petroleum Limited Key Developments

SCS Corporation Ltd. and South Atlantic Petroleum Receives Presidential Decree Implementing the Third Amendment to the Production Sharing Contract

SCS Corporation Ltd. and its project partner, South Atlantic Petroleum (SAPETRO), have received notice of a Presidential Decree signed by the President of the Republic of Guinea implementing the Third Amendment to its Production Sharing Contract that was signed April 12, 2017 by the partners and representatives of the Government. The Third Amendment approves the assignment of 50% of SCS' participating interest in the Guinea concession to SAPETRO, and it confirms the two companies' rights to explore for oil and gas on a 5,000-square-kilometer block offshore the Republic of Guinea. The contract requires that drilling operations begin on an initial exploratory well no later than May 30, and additional exploration wells may be drilled within the exploration period at the companies' option. The Amendment also reaffirms clear title of SAPETRO and SCS to the Concession and requires a $5 million security instrument to be put in place by SAPETRO and SCS within 30 days of the Presidential Decree. The security instrument is to be released when the drilling rig for the Fatala well enters Guinea territorial waters.

SCS Corporation Ltd., South Atlantic Petroleum and the Republic of Guinea Sign Third Amendment to the Production Sharing Contract

SCS Corporation Ltd., South Atlantic Petroleum and the Government of the Republic of Guinea have executed a Third Amendment to the 2006 Production Sharing Contract ("PSC"). The Third Amendment will become effective on the date it is approved by Decree of the President of the Republic of Guinea. The Third Amendment approves the assignment of 50% of SCS' participating interest in the Guinea concession to SAPETRO, and it confirms the two companies' rights to explore for oil and gas on a 5,000-square-kilometer block offshore the Republic of Guinea. The contract requires that drilling operations begin on an initial exploratory well no later than May 30, and additional exploration wells may be drilled within the exploration period at the companies' option.

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Recent Private Companies Transactions

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