PROFILE & HISTORY
Mineral Hill is listed on TSX Venture (MHI), Frankfurt (N8Z1) and OTC market (MHIFF). CPS was established in Nov 2012 with the purpose of enabling value creation in the African oil and gas market at the early stage of exploration and appraisal through the acquisition of high potential exploration and near-development acreage in proven basins.
In April, 2016, Mineral Hill and shareholders of CPS completed a “Share Purchase Agreement” representing 45% of the outstanding shares of CPS. CPS entered into an option agreement with an experienced local operator to jointly develop the contract area covered by OPL 236 under which CPS will acquire an 80.75% participating interest in the Production Sharing Contract for OPL 236 with the Operator, subject to receipt of corporate and regulatory approvals, including Ministerial consent after which full asset transfer shall take place. Mineral Hill also has the option to acquire a further 8% ownership of CPS.
To complete the transaction Mineral Hill is seeking to raise up to $2,000,000.
In May, 2016, Mineral Hill received conditional acceptance from the TSX Venture Exchange for the Fundamental Acquisition.
As of July, 2016 Mineral Hill has 11,056,303 shares in issue and has 3,048,750 share purchase warrants between the existing Directors.
The Primary Asset is an option on OPL 236, which is the second largest onshore block in the Niger Delta, in joint venture partnership with Oando Oil & Gas, listed in Nigeria with secondary listings in Johannesburg and Toronto. Oando has a market capitalization of $1.19B. The values of GIIP for the Ukana Field varies from 300-600 BCF with a Gulf Oil value of 236BCF
CPS had commissioned an independent valuation by Maurice Eaton, a former Director of Northern Petroleum.
Subsequent to the Approval-Date-SPA, the Company will change its name to MHI Mass-Energy Ltd., the Shareholders-SPA will nominate one sixth of MHI’s board members and will obtain a full NI 51-101 report as an update of the previous Report-1501 by Senergy, or a person or firm acceptable to the Regulatory Authorities