RE:Price negotiationYou can bet there is a lot going on behind the scenes. How is Midwestern going to raise the money? The only why I could think is they already have a deal to sell evevything. Why did the State of Delta recently decide to sell thier shares of Midwestern and to who? And where does Suntrust fit into this? With First Energy suddenly buying and it is continuing, it sounds like something positive will happen from these prices.
SunTrust Oil Company Nigeria Limited was incorporated in 2001. It is an Exploration and Production Company with a focus on West Africa and the Gulf of Guinea as its core production areas.
SunTrust is headquartered at No. 93A Eti-Osa Street (now Illupeju Street), Dolphin Estate, Ikoyi – Lagos and has operations across Nigeria.
In March 2003, the Government of Nigeria awarded SunTrust a 30% interest in OML 56 (Umusadege), located in Delta state. SunTrust is working with its partner, Midwestern Oil & Gas, to develop the field.
In April 2008, the Joint Venture commenced production in the field.
SunTrust is also registered with the Nigerian National Petroleum Company (NNPC) as a contractor of preference in the supply of key equipments in the oil and gas industr