Petroleum Industry Bill (PIB)Another potential catalyst / area for further research: Petroleum Industry Bill (PIB)
https://www.sedar.com/GetFile.do?lang=EN&docClass=7&issuerNo=00022779&fileName=/csfsprod/data102/filings/01504824/00000001/v%3A\Exile\ASM-2010\Exile-MDA-Aug31-2009.pdfThe Nigerian Government has announced its intention to pass a Petroleum Industry Bill (PIB) in the near future. This is a comprehensive piece of legislation which will address allocation of funds to the oil producing states in the Niger Delta, the structure of the Nigerian National Petroleum Company and its relationship with its Joint Venture partners such as the International Major Oil Companies (IOC’s), and a revised fiscal regime.
It is possible that the smaller oil fields will benefit from enhanced fiscal terms to enable them to be brought on stream, and that there will be increased focus on indigenization, in particular in new licensing awards.
Larger fields may be subject to tighter fiscal terms, and hence there may be opportunities as larger IOC’s review their portfolios of projects. The Company is positioning itself to take advantage of these changes where possible.
The Corporation continues to target building a reserve base of over 10 million barrels net to Exile and to this end is in active discussions to participate in further Niger Delta discoveries and other opportunities in the Gulf of Guinea and other areas in Sub
Saharan Africa.