Shortly after a court order dismissed the claims made by South Atlantic Petroleum Company that the government had illegally revoked its license for OPL 297, the government auctioned it off. The Federal High Court in Lagos on October 4 lifted the injunction on the block which cleared the way for the government to move forward with the auction.
India’s ONGC Mittal Steel submitted the winning bid with an offer of $100 million. Unfortunately for the Indian company it was not immediately able to produce the 25% deposit on the block. According to Department of Petroleum Resources Director Tony Chukwueke, the company will have until 5:30 pm on October 6 to come up with the deposit.