The company said it will pay a combined US$11.1 million for a 12.5% interest in Service Contract 54A from Australian companies Nido Petroleum and Kairiki Energy.
SC54A contains the Tindalo and Yakal oil discoveries, which have contingent resources of 16 million barrels of oil, and are due to start producing in the second quarter of this year. TG World said it is also responsible for its share of development costs to first oil.
The
