AsherXino had earlier received a letter of intent to participate in the Nigeria offshore concession from Petrolog.
The agreement provides to AsherXino a payment of $7.5m for farm out 15% of Nigeria offshore oil and gas concession to Petrolog, and the joint partnership in other oil and gas concessions across West Africa.
The deal allows the company to access a range of high quality exploration, development or production opportunities in areas of interest, and to first class global offshore drilling expertise and drilling management services.
As per the deal, AsherXino has the option but not the obligation, to participate with Petrolog under its international joint venture agreement with integrated offshore companies exclusive to West Africa, the company said.
