Assets Portfolio – Niger Delta

Whilst we remain bullish in the pursuit of new opportunities, we hold interests in 11 licenses for the exploration, development and production of oil and gas blocks located onshore, swamp, and offshore, our primary task is to harness optimally the potentials of our existing portfolio:

Abo (OML 125)

Oando acquired a 15% working interest in this block in 2008. OML 125 is operated by Nigerian Agip Exploration (“NAE”) The OML covers an area of 1,220 km2 and lies in water depths ranging from 300 metres to 1000 metres in the deepwater area of the western Niger Delta, 70 kilometres from the Nigerian coast. To date OEPL has spent in excess of $200 million in the acquisition of its 15% participating interest in the block and OML 134.

Oberan (OML 134)

Oando acquired a 15% working interest in OML 134 (formerly OPL211) in 2008. OML 134 is operated by NAE and located in the deep water area offshore of the Niger Delta on an area of 1187 km2. The Oberan field, which is located at a depth of [700] m, was the main discovery in OML 134 as at 1 January 2010. The field is currently in the appraisal stage.

Obodeti / Obodugwa (OML 56)

A 45% working interest in the Obodeti/Obodugwa fields area was awarded to Oando by the Federal Government of Nigeria during the Marginal Field Round in 2003. The fields, which are being operated by our partner Energia Limited is located in the southern part of the former OML 56 onshore in Delta State. Both fields have a total acreage of 68.5km2.

Akepo (OML 90)

OEPL signed a FTMSA with Sogenal Ltd. (operator) as technical partner and Exile Resources inc. for a 30% working interest. The field is located in the shallow marine area of Delta state, and has a total acreage of 26km2. There was a successful rig operation in late 2009 to complete and test Akepo well-1.

OPL 236

OEPL has a 95% working interest in this block and is the operator. The block is located onshore Akwa-Ibom State, and has a total acreage of 1,650km2, being one of the biggest acreages awarded in recent times. OEPL has spent in excess of $11 million on the acquisition and evaluation of this asset to date.

OPL 278

OEPL has a 60% working interest in this block and is the operator. The block is located in the transition zone (swamp to shallow marine offshore), Rivers State and has an acreage of 92km2.

OPL 278 is currently at the exploration and appraisal phase.

OPL 282

OEPL has a 4% working interest in this block operated by NAOC (Agip). The block is located in a transition zone (onshore to shallow marine), Bayelsa State and has a total acreage of 699km2.

OPL 282 is currently at the exploration phase, with an imminent acquisition of 3D seismic data.