NewcrossEP at a Glance
Newcross Exploration and Production Limited (NewcrossEP) is an independent domestic oil and gas exploration and production company based in Nigeria. NewcrossEP was established in 2013 and emerged as the successful bidder of OML 24, acquiring a 45% participating interest in the block hitherto managed under the NNPC/SPDC/TOTAL/NAOC Joint Venture arrangement.
Newcross Exploration & Production Limited (NewcrossEP) is a wholly-owned indigenous company formed in 2013 for the acquisition of OML 24.
In 2014, NewcrossEP emerged as the successful bidder of OML 24 and acquired a 45% participating interest in the block hitherto managed under the NNPC/SPDC/ TOTAL/NAOC Joint Venture arrangement.
The OML 24 asset covers over an area of 162. Sq.km. It is located onshore western Nigeria Delta, about 40km South-West of Port Harcourt. This includes Awoba, Awoba North West and Ekulama Fields.
Acquisition transaction closed on November 1, 2014. Operatorship was granted on December 31, 2014. After a 3-month transition period, NewcrossEP became operator of the assets on February 1, 2015