San Leon Energy in its update on NovaSeis, on Tuesday, stated that the company, has signed a Memorandum of Understanding (MoU) with Northbridge Energy, a Nigerian-based integrated energy company.

NovaSeis is San Leon’s 100% owned seismic subsidiary. Under the MoU, the two companies will become Joint-Venture partners and are to provide seismic acquisition and interpretation services in Nigeria.

“The MoU signed with Northbridge is expected to generate near-term seismic acquisition and interpretation cashflow in Nigeria by combining NovaSeis’ extensive acquisition and interpretation experience and capability, with Northbridge’s local knowledge and networks”, Oisin Fanning, San Leon Executive Chairman said.

The final documentation of the MOU is to be concluded before the end of December. The two companies agreed that, NovaSeis is to provide acquisition equipment and a team with interpretation skills while Northbridge will provide work sourcing, permitting, local workforce and services.

Infact, NovaSeis entered into a MoU with Northbridge due to an award of a permit to carry out Seismic Data Acquisition and Processing as well as Interpretation services, issued by the Government of Nigeria to the latter in Q4 of 2015.

“The expeditious nature of the award of the permit to undertake seismic acquisition, processing and interpretation provides San Leon with great comfort that, in Northbridge, the Company has found a similar-minded and well-respected partner”, the Executive Chairman, told Energy-pedia.