Speaking to Upstream, chief executive Bill Kelleher said the explorer would use funds gained from its $50 million investment deal with startup Niel Petroleum to snap up a new asset.
Niel Petroleum, which holds early stage assets in Sudan, Ethiopia and central Africa, was set up earlier this year in a split off from Niel Natural Resources Investments.
The new company agreed last month to buy $25 million in New World Oil & Gas equity and to provide a $25 million debt facility in return for 75% ownership of the UK-listed junior.
The
