AsherXino Farms-Out Stake Offshore Nigeria

AsherXino has executed formal documents with a leading international oil service company for US $10,000,000 in relation to the farm-out of an 8% working interest in its Nigeria offshore concession.

This transaction follows an additional farm-out for US $7,500,000.

AsherXino had previously entered into a farm-in agreement for a 40% working interest in the Nigeria offshore concession, upon payment of a required signature bonus of US $12,500,000 to the Nigeria government. The remaining 60% of the concession is held by the Nigeria local partner in compliance with the Nigeria local content law.

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