Tony O. Elumelu, CON wrote on his twitter page saying:
"I’m thrilled to announce the $1.1 billion transaction by @Heirs_Holdings on the acquisition of a 45% participating interest in Nigerian oil licence OML17,& related assets, from Shell, Total & ENI through TNOG Oil and Gas (@heirsoilandgas). TNOG is also the sole operator of OML 17 Oil and Gas, the Oil & Gas subsidiary of @Heirs_Holdings, joins other strategic HH portfolio holdings, @TranscorpPLC Power & recently acquired Afam Power Plc & Afam Three Fast Power, to consolidate on our strategy to create the leading integrated energy business in AfricaTNOG Oil and Gas presents a historic, defining moment for Nigeria.
It demonstrates renewed investor confidence in the Nigerian economy, reassures global investors of the nation's untapped investment opportunities, and affirms our commitment to improve lives and transform Africa.
TNOG Oil and Gas OML17's current production capacity is 27,000 barrels of oil equivalent per day and 2P reserves of 1.2 billion barrels of oil equivalent, combined with an additional 1 billion barrels of oil equivalent reserves of further exploration potential @heirsoilandgas #HHLed by a board and management with deep expertise in production, exploration, and value creation in the resources sector.
TNOG Oil and Gas is committed to the highest standards of safety, health, & community relations, with best practice in governance @heirsoilandgasAs an indigene of the Niger Delta, I have always believed that the region needs and deserves far more.
At TNOG Oil and Gas, our guiding philosophy of Africapitalism underscores our commitment to inclusive development & shared prosperity with our host communities. @heirsoilandgas
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