EXPLORATION & PRODUCTION

Assets Portfolio

OPL- 236: Oando Exploration and Production Limited is the operator of this asset. Located onshore and covering over 1650 sq km (more than 7 times the size of an average North Sea block) it is one of the biggest acreage acquisition in recent times. This acreage also has some level of 2D seismic with six wells drilled in it to date. Log interpretations and studies have confirmed hydrocarbon in this acreage.

To date, Oando has spent in excess of $11 million dollars in the acquisition and evaluation of this acreage. Additional data acquisition and interpretation are planned in the next few months.

OPL-278: Oando is the operator of this acreage which is located in the transition zone (swamp and shallow offshore) in Nigeria. The Eastern part of the acreage is covered with 3D Seismic, while the western part has some level of 2D Seismic coverage. To date, Oando has spent in excess of $26 million dollars in the acquisition and evaluation of the acreage. This asset is currently at exploration/appraisal phase.

OPL-282: The asset is operated by NAOC (Agip) in which Oando Exploration and Production Limited has participating interest as LCV. Currently, the Block is in exploration phase with the acquisition of 3D seismic data in site.

Obodeti/Obodugwa (OML-56) is one of the acreages awarded by the NNPC under marginal field terms in 2003. Oando has a 45% interest in this field. The field is presently at appraisal stage.