OML 149

OML 149 (formally OPL 135) is located in the northern onshore flank of the Niger-Delta. Its Adofi River structure consists of stacked sand and shale sequences separated by down to the basin growth faults. The block has been well explored and appraised with the current limits established by the Adofi River 3 well. Current discovered volumes comprise P50 in-place-volumes of 326 Bcf gas and 12.74 MMbls of condensates. The 2P reserves comprise 188 Bcf of gas and 6 MMbls of condensates. Part of the development plan on this field aims at exploiting the E1.0, E5.0 and F1.0/F2.0 reservoirs with the Nsukwa1-ST, and the E1.0, E5.0/E6.0 reservoirs with the Adofi River 3 and Adofi River 4 wells.

The produced gas and condensate is expected to be tied back to the Kwale Okpai Gas Production Facility where it would be separated for further use. Further exploration, appraisal and development of the other prospects in OML 149 will be pursued in order to maximize the production from the entire block. In addition to the Adofi River structure, seven other prospects have been identified for exploration and appraisal. The other prospects are expected to contribute over 3 TCF of gas and 120 Mbbls of condensates. These prospective resources evaluated indicate a GPDC net resource volume of over 267 MMBOE.

A Field Development Plan Study has been concluded. GPDC has recently received the approval of the Nigerian National Petroleum Corporation (NNPC) for the conversion of Oil Prospecting License (OPL) 135 into Oil Mining License (OML) 149. First hydrocarbon is achievable within 18-24 Months.