MOL had signed the sale and purchase agreement with Tullow Cameroon in November 2007. The operator of the block chose not to exercise its pre-emption right, following which the government of Cameroon gave its approval for the transaction.
The Ngosso Permit is a shallow-water block in the prolific Rio del Rey Basin, in the proximity of existing oil fields in Nigeria and Cameroon. The block is operated by Addax Petroleum, a known player in West Africa, with operational experience in similar environments in Nigeria and Gabon.
