Worthington has reached agreement to invest £12.5m in CPS Energy Resources Plc, an oil and gas exploration company focused on Africa and working in partnership with Oando, one of Africa's largest oil and gas exploration companies, listed on the Johannesburg Stock Exchange.
One of Oando's trading subsidiaries, Oando Energy Resources Inc, is listed on the Toronto Stock Exchange.
Currently, the principal asset of CPS is an 80.75% interest in Oil and Gas Block OPL 236 which, at over 1,600 Sq Km, is one of the largest concessions ever granted in Nigeria. The Block is onshore within the oil rich Niger Delta, and is surrounded on each side by proven oil and gas fields, including the Shell Imo River fields which are Nigeria's largest onshore fields with oil production rates of approximately 25,000 barrels a day.
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