Nigerian Pan Ocean falters as receivers take over acreage

摘要

The once mighty Pan Ocean finally faltered with a Nigerian court asking the Asset Management Corporation of Nigeria (AMCON) to take over all the assets of the group over a total debt of US $620m. The indigenous group was once in a position to bid $100m just for signature bonusses for deepwater acreage off the country but now AMCON has been appointed as receiver, although this is being fousht bv Pan Ocean.