Virgin Forest Exploration & Production Limited has successfully secured an upstream operating licence covering a prospective block in Nigeria's Niger Delta region. This milestone marks a significant step in the company's long-term strategy to grow its asset base and expand its role in Nigeria's indigenous oil and gas sector.
The licence, awarded by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), grants Virgin Forest E&P the rights to conduct exploration and appraisal activities within the designated acreage. Early technical studies indicate promising subsurface characteristics, with seismic data suggesting the presence of hydrocarbon-bearing formations.
Managing Director Nneoma Johnson-Chukwu described the award as a validation of the company's technical capability and strategic vision. "This licence represents our commitment to building a sustainable upstream business that creates value for our shareholders, our host communities, and the Nigerian economy," she said.
The company plans to commence a detailed geological and geophysical evaluation of the block in the coming months, with a view to identifying drillable prospects by the end of the year.