sepcol jv builds 8 water boreholes

Shebah Exploration and Production Company Limited (SEPCOL) was created in 2004 and is headquartered in Lagos, Nigeria. In 2004 SEPCOL acquired all of 40% of ConocoPhillips equity interest in OML 108 and by virtue of that acquisition became the Technical Operator of the block. EXPRESS Petroleum and CAMAC Limited own the remain 60% equity interest on OML 108.

SEPCOL is a duly incorporated Nigerian company owned by a combination of Nigerian and overseas corporate entities, which include:

1. Abbeycourt Trading Company Limited (ATCO)

2. Abbeycourt Petroleum Company Limited

3. Allenne Limited

An offshore company which purchased the FPSO TRINITY SPIRIT from ConocoPhillips and leased same to SEPCOL on a bareboat basis. The FPSO serves as the primary production facility of for OML 108. It can process up to 22,000bopd, process and inject up to 40,000bwpd and store 2mmbbls of oil. The FPSO is also a government approved terminal for lifting operations for all OML 108 production.

SEPCOL's corporate goal is to reach at least 50,000bopd oil production and average 300mmscf/d of gas by end of year 2019.

To achieve these target, SEPCOL intends to continue the re-development and appraisal of Ukpokiti and Kunza field which both hold current discoveries as well as carry on with exploration activities including planned acquisition of 3D 4-Component OBC seismic over OML 108. The block OML 108 covers more than 750sqkm in areal extent. SEPCOL remains interested in acquisition of other E&P assets in Nigeria and around Africa including Farm-in to existing and producing assets.

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