Chairman, Executive Director Appointed for Nigeria-Sao Tome JDA

LAGOS Aug 17, 2006 (Dow Jones Newswires)

The Nigeria-Sao Tome and Principe Joint Development Authority Thursday announced the appointment of a new chairman and an executive director, both from the Nigerian side.

A statement by JDA gave the names of the new directors as Ado Yakubu Wanka, who is to serve as the chairman of the board, and Morrison Anthony Fiddi.

The statement said President Olusegun Obasanjo has approved the new appointments.

JDA is charged with the responsibility of managing the resources, including the hydrocarbons, in the Joint Development Zone - joint maritime boundary between Nigeria and its island neighbor, Sao Tome and Principe.

Its board is made up of four members, two from each of the countries, while the chairmanship rotates yearly between them.

In addition to heading the board, Wanka will also take charge of finance and administration, while Fiddi will take charge of the monitoring and inspection department of the authority.

Revenues from the resources in the area are shared in the ratio of 6:4, in favor of Nigeria.

JDA has awarded six blocks in the joint maritime zone to different winners, with exploration work already completed on the first well in block 1, the first to be awarded.

However, a source at the authority told Dow Jones Newswires this week that exploration work on blocks 2, 3 and 4 would be delayed by lack of deepwater drilling rigs. The source said drilling in these blocks was expected to commence from the middle of 2007.

Winners of blocks 5 and 6 are still negotiating joint operating agreements, the source said.

Copyright (c) 2006 Dow Jones & Company, Inc.

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