Two South Korean companies, state-owned Korea National Oil Corp. and international conglomerate SK Corp., combined to acquire a 25% interest in Nuevo Energy Co.'s 1.9 million acre Accra-Keta permit off Gabon, said Nuevo.
Houston-based Nuevo will retain operatorship and 50% interest in the permit.
The transaction is subject to government approval. Terms were not disclosed.
Nuevo spudded NAK No. 1 wildcat in the permit Jan. 10. The well is in 1,100 ft of water and will be drilled to TD of 10,000 ft.
Nuevo's Chairman and CEO Doug Foshee said the company's technical assessment processes are generating "exciting" exploration prospects that attract other industry players.
Most of Nuevo's properties are located in California and Africa.
