Asian Mineral Resources Limited (“AMR”) is a Toronto Stock Exchange Venture listed oil and minerals exploration and development company with its primary focus on low risk appraisal and development opportunities in the prolific West African region.
AMR has finalized the acquisition of Nigerian-based Decklar Petroleum Limited, which has a Risk Service Agreement with Millenium Oil and Gas Company Limited (Millenium) on the Oza Field. Oza is located onshore in the northern part of Oil Mining Lease (OML) 11 in Nigeria’s Eastern Niger Delta (Abia State). It is a conventional stacked sands reservoir (11 zones) with proven reserves and delineated exploration upside. Oza is a concession that covers a 20 sq. km. area of OML 11 that was carved out in 2003 as part of the Government’s Marginal Field Development Program.
There is excellent infrastructure already in place, including export pipeline access tied into the Trans Niger Pipeline (TNP), which flows to the Bonny Export Terminal on OML 11, the largest terminal on the African continent operated by Shell Petroleum Development Company (SPDC), the local subsidiary of Royal Dutch Shell plc, who also operates other producing fields in the region, including Isimiri, Obeakpu, Afam, Obigbo, and Umuosi.
AMR also has an earn-in agreement on the Holt Property on Vancouver Island, British Colombia, Canada. The property has a recently completed NI 43-101 compliant technical report on the area’s prospectivity, with proven volcanogenic massive sulphide (VMS) and skarn magnetite mineralization. This is a low-cost earn-in exploration opportunity in an area with compelling geology due to historical production of gold, silver, and copper. Further, as is the case across most of the region, nearby infrastructure is excellent. A large portion of the land is accessible via active logging roads, several 500 kilovolt power lines intersect the tenements, and the Nanaimo Port is about 50km away.
As the company now progresses development on the Oza Field, AMR’s Board and Management continue to evaluate additional acquisitions and new ventures where there are value accretion opportunities.