GIBRALTAR, GIBRALTAR--(Marketwired - Aug. 19, 2013) - The Board of AGM Gibraltar Limited is pleased to announce that the Cabinet of the Government of Ghana has approved the issuance of a Petroleum Agreement between Ghana National Petroleum Corporation ("GNPC"), GNPC Exploration and Production Company Limited ("GNPC ExploreCo") and AGM Petroleum Ghana Limited ("AGM Ghana"), a wholly owned subsidiary of AGM Gibraltar, for South Deepwater Tano Block offshore Ghana. The Petroleum Agreement requires further approval by Parliament.
AGM Ghana was selected through a competitive and transparent bid process to become the preferred partner to GNPC to jointly apply for, own and operate the South Deepwater Tano Block Concession to undertake offshore petroleum exploration.
AGM Ghana will partner with GNPC and GNPC ExploreCo in the initial exploration and development of the block. AGM Gibraltar is a company jointly owned by AGR Energy AS ("AGR"), Minexco (OGG) Inc. ("Minexco") and MED Songhai Developers Limited. AGR Energy AS is the exploration arm of the AGR Group, which is listed on the Oslo Stock Exchange. The AGR Group is one of the world's most experienced deep-water drilling companies, having drilled close to 500 wells worldwide over the past 12 years and set the world record for the deepest offshore well below mud line, with operations in over 20 countries. Minexco OGG Inc is a Gibraltar-based private oil and gas exploration company jointly owned by WA Natural Resources and Minexco Petroleum Inc, both of which hold interest in oil and gas assets and having significant experience in managing and developing petroleum projects in West Africa.
Commenting on the Approval, Sverre Skogen, Chairman of AGR Energy and Executive of AGM, said: "The partners are delighted to have received Cabinet approval for the South Deepwater Tano Block Petroleum Agreement. We look forward for parliamentary approval and bringing our significant collective experience in deep water exploration around the world to bear on this exciting block for the benefit of all, the people of Ghana, GNPC and our stakeholders - shareholders."