British Borneo Oil and Gas - News

British Borneo Expro acquires 50% of Nigerian junior Sheer Energy Ltd

On the 12th of January, 2009, British Borneo Expro ltd (in which we own a 51% interest), acquired 50% of the share capital of Sheer Borneo Ltd, a Nigerian oil company. As a result of the acquisition, the Nigerian Company has been renamed, Sheer Borneo Petroleum Nigeria Ltd, and will submit bids to acquire blocks relinquished by the oil majors in the Niger Delta.

Exploration Survey in Ecuador

A team led by our Director of Operations Dr. Terry Kirk is at present (August 2009) in Ecuador at the invitation of Petro Ecuador. The team is collecting and analysing data and doing due-diligence on farm-in opportunities. We expect to identify potential fields where latest technology can be profitably employed to assist sustainable and environmentally sensitive exploitation of petroleum resources.

MOU with CNOOCI

On the 23rd of July 2009, British Borneo Oil and Gas signed a landmark cooperation agreement with one of the world's largest offshore exploration companies CNOOCI (China National Offshore Oil Corporation). Under the terms of this agreement, British Borneo Oil and Gas will cooperate with CNOOCI in identifying likely prospects in Africa and Latin America, while CNOOCI will provide financial and technical expertise.

SPV with British Investment Bank

In April 2008, we set up a spv, British Borneo Expro Ltd, with a 49% Equity participation from the British Investment Bank, Parkmead Group Plc. The purpose of this company is to combine British Borneo's in-country knowledge with Parkmead's ability to access major industry players as well as financial institutions.