U.A.E.-based oil and gas company Dana Gas said Tuesday its ownership of an oil and gas block offshore in West Africa's Gulf of Guinea had been approved by local authorities.
"The Nigeria-Sao Tome and Principe Joint Development Authority has formally approved the change in share ownership of the Hercules/Centurion interest in the joint development zone block 4 to Dana Gas," the company said in an emailed statement.
"Based upon this approval, Dana Gas currently holds 10% participating interest in block 4," the company added.
Addax Petroleum Corp. is the operator of the block, which covers an 857 square kilometer area in the
Gulf
of
Guinea
and which falls under the authority of
Nigeria
and
Sao Tome and Principe
, Dana said in the statement.
Addax aims to spud the first of three commitment wells by the end of the year. Dana's share of the well cost is budgeted at $6.1 million, the company said.
Dana Gas was listed on the
Abu Dhabi
bourse in December 2005. Its shares closed down 9.09% at AED2.10 ($0.57) on the
Abu Dhabi
bourse Tuesday.
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