OML 40: A PORTFOLIO IN A LICENCE

The OML 40 licence lies within the Niger Delta, approximately 75km northwest of Warri and covers an area of 498km2 . The OML 40 area produces light oil with low GOR and has a very strong aquifer drive resulting in high ultimate recoveries.

OML 40 has gross 2P oil reserves of 83.2 mmbbl found in the Opuama and Gbetiokun fields. It has a significant, only partly developed reserve base with outstanding upside of 41.2 mmbbl gross 2C resources and 254.5 mmbbl gross best estimate prospective resources*.

Gross production from OML 40’s producing field, Opuama, is over 10,000 bopd (early 2017).

*As estimated by Netherland, Sewell & Associates Inc. as at 30 June 2015