Sky Petroleum has entered into a non-binding letter of intent to invest in and acquire Suntera's interests in two onshore oil & gas blocks in Nigeria. Suntera is expected to become a key shareholder in Sky Petroleum. Suntera is the technical operator of blocks OPL 205 and OPL 905, located north of the Niger Delta region in the Federal Republic of Nigeria.
Suntera has a 35% interest in OPL 205 located in the Anambra basin north of the Niger delta region near Benin City. The block measures approximately 1300 square kilometers and contains one discovered field with significant condensate and gas potential. Other partners in this venture are Summit Oil International, Oil India Limited and Indian Oil Corporation Limited.
Suntera has a 40% interest with an option to acquire an additional 20% in OPL 905 located in the Anambra Basin north of the Niger delta region, near the city of Enugu. The block measures approximately 2,600 square kilometers and contains two discovered gas fields, the Amansiodo and Ehandiagu fields, which is believed to have significant gas reserve potential. Other partners in this venture include three local Nigerian companies, 35 Oil and Gas, GTPL and IOG.
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