SIR EMEKA OFFOR’S ELCREST PETROLEUM ACQUIRES SHELL OML 140 FOR $154M

Elcrest Exploration and Production Nigeria Limited, a joint venture of Starcrest Energy, a subsidiary of The Chrome Group, and Eland Oil & Gas, has completed its acquisition of a 45 percent stake in Oil Mining Lease (OML) 40. Leaders of Elcrest met with leaders of Shell, Total E&P and Agip twoImage weeks ago in Abuja to complete the transaction.

Elcrest had applied for consent of the Minister of Petroleum for the 45 per cent participating interest in OML 40 on May 24, 2011.

With the Federal Government’s approval of the stake assignment to Elcrest Exploration and Production Company, parties to the oil block finally signed all necessary documents to legalize the divestment deal.

Total, Nigeria Agip Oil Company (NAOC), Total E&P, NNPC/NPDC and Elcrest, signed documents that include amendments to the Joint Operating Agreement (JOA) between NNPC and SPDC JV, JOA between NPDC and Elcrest as well as the deed of novation agreement between parties to the oil asset.

OML 40 which is located at SPDC’s Western Operating Division in Niger Delta is reported to have proven and probable reserves (2P) of 225.7 million barrels of oil equivalent and historically produced at less than 5,000 barrels per day before it was capped; the block also has the potential to produce 10,000 barrels per day.

The formal completion of the transaction was conducted in the presence of representatives of the parties; the Group Managing Director of NNPC, Mr. Andrew Yakubu for NNPC/NPDC, Emeka Offor for Elcrest, Managing Director and country Chairman of Shell, Mutiu Sunmonu for his company, Deputy Managing Director of NAOC, Mrs. Funmi Goka for NAOC as well as Executive Director Total E&P, Mr. Olubunmi Obembe for his company at the NNPC Towers.

With the signing of the MoU, Shell and its JV partners have effectively ceded their 45 percent stake in the OML 40 to Elcrest while, the NNPC will retain its 55 percent stake and at the same time assume operatorship of the oil field through NPDC.

Sir Emeka Offor, Chairman of The Chrome Group, reiterated his pledge to put the asset in good use, adding that the partnership will continually call for support whenever it needed one from established industry players. The Chrome Group is one of Nigeria’s leading indigenous multinational businesses with subsidiaries operating in oil and gas exploration and production, oil and gas servicing, engineering, insurance, logistics and power industries.

Elcrest met the technical and commercial criteria set by Shell to emerge the preferred bidder for OML 40. A criterion that an indigenous oil firm must emerge as its preferred bidder helped Elcrest clinch the asset.

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RICK ROSS SHOOTS MUSIC VIDEO IN OBALENDE, LAGOS

Rick Ross announced via micro-blogging site Twitter on Friday, August 17, 2012, that while in Lagos for his Summer Jam Fest performance, he would use the opportunity to shoot a music video.
The Maybach Music boss kept true to his words as he went to the streets of Obalende, specifically Sura market area, to film the Nigerian version of his single ‘Hold me back‘. ‘Hold me back’ is a single off Rozay’s recently released fifth album ‘God Forgives, I Don’t‘.
‘Filming in the slums in Lagos.i just bought out the whole grocery store and gave it to the village. #MMG presence strong in our homeland‘, @rickyrozay tweeted.
The shoot, directed by Maybach Music official films director Spiff TV, started at about 1PM and lasted for 2 hours. ‘Nigeria!!! We In The Streets‘, @SPIFFTvFilms tweeted.
The US version of  ’Hold me back‘ was released in July and generated controversy when it got banned by music network BET.

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PLANE CRASH IN SUDAN: MINISTER, 30 OTHERS PERISH

A Sudanese government minister was among up to 31 people killed after a plane crashed in southern Sudan, the official news agency reported.

Guidance and Religious Endowments Minister Ghazi al Saddiq Abdel Rahim was on board the flight, which came down in mountains in war-torn South Kordofan state.

It was landing at Talodi for a function marking the Muslim Eid holiday when it crashed.

Abdelhafiz Abdelrahim, a spokesman for the Sudan Aviation Authority, said: “All people on board were killed.”

He added that the aircraft was landing this morning when “an explosion was heard and the plane was destroyed” and that 31 people including the flight crew were killed.

The SUNA news agency reported: “The presidency of the republic eulogises the Minister of Guidance (Ghazi al Saddiq) and others martyred in a plane crash this morning in Talodi.”

It added the plane crashed “due to harsh weather conditions”.

Saddiq took up the position last month after a cabinet reshuffle. He had been minister of tourism and antiquities.

Oil-producing South Kordofan borders South Sudan, which seceded more than a year ago. The border state has been the site of an insurgency since shortly before South Sudan’s independence.

A spokesman for the main rebel group in the area, the Sudan People’s Liberation Movement North, said it had nothing to do with the plane crash.

RIHANNA REVEALS PLANS TO LIVE WITH CHRIS BROWN

US Pop star, Rihanna is planning to get back with Chris Brown, a source disclosed to Look Magazine.

The celeb couple’s ‘rekindled romance’ has been the talk of the press for quite a while now and it has recently intensified quite a lot, as the pair supposedly hooked up during a recent French vacation.

A source has told Look Magazine: “Rihanna is convinced it’ll work this time. She and Chris had two intense days on that yacht [in France] and talked properly for the first time in years”

They then added: “Rihanna’s asked Chris a million time before to break up with his girlfriend, but this time she believes he will do it.”

“She wants him to live with her in LA once he sells his house, which is on the market at the moment.”

Meanwhile, the pair will continue to have their ‘secret hook ups’ it seems, but have no intention of revealing all to the world just yet.

A friend of Chris Brown has told Hollywoodlife, “They still talk…on the regular”

He then added: “He probably talks to [Rihanna] three or four times a week by phone or text. And you already know they [are] sending each other messages and s*** on…Twitter”

But, as the source explains, it doesn’t just stop at talking. “[Their] relationship is what it is. They talk when they talk. They hook up when they hook up…They are two grown…people and can do whatever the f*** they want,” the friend says. “I guess they just don’t want all the press in [their] business. They need some privacy, too…I know some of the boys [are] pushing Chris to just go ahead and make [it] official with Rihanna but he [won’t budge.]“

DELTA HIGH COURT JUDGE ABDUCTORS DEMAND N40m RANSOM

The kidnappers of the Delta High Court Judge, Justice Marcel Okoh have opened a line of contact with his family demanding a N40million ransom.

The justice was abducted last week monday on his way to resuming his new position as Delta High Court judge in Warri. He was in June sworn in alongside five others as a judge in the state by the governor of the state, Dr. Emmanuel Uduaghan.

It is not clear why the abductors decided to hold on for so long before asking for a ransom but it is apparent that all stakeholders closely associated with the case are divulging as little information as possible so as not to jeopardise the safety of the judge.

According to the Vanguard Newspapers, Chukwuma Oseyenim, the president of the Asaba branch of the Nigerian Bar Association, on Thursday resolved to boycott all court proceedings until the kidnapped justice is released.

Staff of the Delta State justice ministry, early last week, held a special prayer session to pray for his safe return to his family.

THERE'S NO LIMIT TO WHAT YOU NEED TO KNOW……

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