Shell Petroleum Development Company of Nigeria

Shell Petroleum Development Company of Nigeria completed the sale of its 30% interest in Oil Mining Lease 24 and related facilities in the East Niger Delta to Newcross Exploration and Production for a cash price of approximately USD 600 million. The lease covers an area of around 430 km2 and includes the Awoba, Awoba Northwest, and Eukalama fields and facilities. The divested infrastructure includes three oil flow-stations and three gas-processing plants, in addition to various oil and gas pipelines. The divested fields produced around 13,000 BOEPD during the first half of 2014. Total E&P Nigeria (10%) and Nigeria Agip Oil Company (5%) have also sold their interests in the lease, ultimately leaving Newcross with a 45% interest.