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Following successful completion of the first stage of work on development of TOM SHOT BANK OILFIELD, that is, re-entry and testing of TSB Well 1 the field has been declared Commercially Viable by independent certified Assessors. Consequently, the Service Provider has committed to proceeding to the second stage of the work. That is, drilling a new well and thereafter put it and Well 1 on production.
A tripartite agreement was signed by Dansaki Petroleum Limited, Associated Oil and Gas Services Limited and EQUINOX for the joint operations of the Tom Shot Bank Field .
A work program prepared by Associated Oil and Gas Services Limited and Dansaki Petroleum Limited was presented to DPR.
A joint operating agreement between Associated Oil and Gas Services Limited and Dansaki Petroleum Limited was signed.
In accordance with the farm-out agreement between the farmee of Tom Shot Bank Marginal Field, Associated Oil and Gas Services Limited, Dansaki Petroleum Limited and the joint venture partners NNPC/SHELL/ELF/NAOC, a formal handover of Tom Shot Bank Field to Dansaki Petroleum Limited as well as to Associated Oil and Gas Services Limited recently took place.
After Dansaki Petroleum Limited met the requirements of DPR in accordance with Article 3.3.1 of the Farm-out Agreement, the effective date of the negotiated Farm-Out agreement was placed at September 27 2004.
The Federal Government of Nigeria awarded Tom Shot Bank Field located in OML 14, on a participatory interest to Associated Oil and Gas Services Limited 51%, Dansaki Petroleum Limited 49% and designated Associated Oil and Gas Services Limited as the operator.