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Elf acquires 40% stake in Conoilâââ


July 28, 2007/ Punch



Elf Petroleum Nigeria Limited is acquiring 40 per cent interest in Conoil Producing Limited’s offshore Oil Mining Lease 136.


Conoil will retain 60 per cent in the oil exploration firm. A joint statement issued by the two companies on Thursday, said the deal had already received regulatory approvals.



Under the agreements, the firms said, “EPNL will be the technical adviser. Conoil, which started operation in 1990 and operates six permits in the Niger Delta, remains the operator of OML 136.”


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