By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-Africa’s conglomerate Transnational Corporation of Nigeria Plc (TRANSCORP) said on Tuesday SacOil Holdings Limited has withdrawn from participation in OPL 281 on 1 April 2015, as part of SacOil’s ongoing portfolio rationalisation.

TRANSCORP said this in an issuer’s announcement to the Johannesburg Stock Exchange (JSE) and Nigerian Stock Exchansge (NSE).

OPL 281 is an onshore oil block situated in Delta State in Nigeria.

Transcorp, in May 2014, signed the Production Sharing Contract (“PSC”) for OPL 281 with the Nigerian National Petroleum Corporation (“NNPC”) and received full regulatory approvals to commence oil and gas prospecting in OPL 281.

Since signing the PSC, Transcorp has pursued an aggressive work programme aimed at bringing OPL 281 into oil and gas production by end 2017, and has so far acquired and evaluated some 150 sq km of 3D seismic, with its first Well planned for drilling by the end of this year.

Commenting on the statement, the President and Chief Executive Officer, Transcorp, Mr. Emmanuel Nnorom, said “OPL 281 is one of the most prolific remaining oil and gas exploration assets in the Niger Delta and the substantial reserves form part of our integrated energy strategy, which combines power generation, downstream refining and petrochemicals. Sacoil’s withdrawal has no impact on the funding of the OPL or our development plans.”