CPS Energy Resources Plc (“CPS”) is a UK Company with a 80.75% working economic interest in the Production Sharing Contract for a large gas and oil block in the Niger Delta region of Nigeria.
Mineral Hill Industries Ltd (DBA: “MassEnergy”) is presently in the process of acquiring 45% of the outstanding shares from twelve present shareholders of CPS. MassEnergy has also the “Right of First Refusal” to acquire further 8% of CPS’s outstanding shares from two additional shareholders of CPS.
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 March 2014 the Nigerian Government announced that gas production in Nigeria needed to be tripled in order to double electricity production and announced domestic gas prices would rise to international levels over a three year period.