The acquisition of a 45% equity stake in OML 40 by Elcrest was completed in September 2012. Since 2014, the NEPL/Elcrest joint venture has been producing oil from the Opuama field.

The OML 40 license currently contains three producing fields: Opuama, Gbetiokun, and Sibiri. The Sibiri field commenced production in June 2024 from the two pre-drilled Sibiri-01 and Sibiri-02 wells, which are tied back to the Opuama flowstation. The commencement of production from the Sibiri Field followed the receipt of regulatory approval for the Field Development Plan (FDP) in February 2024. Prior to drilling the exploration and appraisal wells in Sibiri, the field was a large, low-risk prospect with a base-case Oil-in-Place estimate of 91.1 MMbbls.

In 2022, Elcrest entered into an agreement with Naphta for a 95% equity farm-in to the Abiala marginal field, while Naphta would have a 5% carried interest. Additionally, Elcrest was designated as the Operator, Technical & Financial Partner in the Elcrest/Naphta Joint Venture.

In 2023, all definitive agreements about the Abiala Marginal Field (including the Farm-in Agreement, Joint Operating Agreement, and Technical Services Agreement) were executed. The development and operations of the Abiala marginal field are overseen by the Joint Operating Committee (JOC). The drilling of the Abiala 1 workover well was completed in June 2024, while the drilling of the Abiala B well is scheduled for completion in Q3 2024.

The Abiala marginal field adds circa 7.5 MMboe to Elcrest’s 2P reserves with possible upsides, and the expectation is for the field to achieve first oil in Q3 2024. We are currently in the process of obtaining Ministerial consent to finalize the transaction on the Abiala Marginal Field with Naphta.

Elcrest’s commitment to innovation and strategic growth continues to drive its success in the Nigerian oil and gas sector.