Petroleum Prospecting Licence 202 (PPL 202) – Egbolom Field

Following a successful bid for the Egbolom marginal field (OML23) during the 2020 marginal field bid round, the Federal Government of Nigeria granted SunTrust Oil Company Nigeria Limited(now SunTrust Atlantic Energies Limited), Petrogas Energy Trade W.A. Limited, Somora GTP Limited, Moore Oil Exploration and Production Nig. Limited and Genesis Hydrocarbons Limited participating interest in PPL 202 

Further to the directive of the Nigerian Upstream Petroleum Regulatory Commission to incorporate a special purpose vehicle to operate the Egbolom field, the licencees have jointly incorporated Ingentia Energies Limited (“IEL”); each licencee’s shareholding in IEL corresponding with its participating interest in PPL 202.

The Egbolom field (PPL 202), formerly situated in OML 23, was discovered in 1982 by Shell. It is an onshore (swamp) marginal field located in the Central Niger Delta Sedimentary Basin, 12km from the Ogbele terminal and about 18km north-east of the Soku Field, operated by Shell.

Egbolom has an Estimated Ultimate Recoverable (2P) Reserves of about 86 million barrels and STOIIP (2P) of 219.8 million barrels. The Egbolom Discovery consists of two wells, Egbolom-1, a vertical well drilled in March 1982 to a total depth of 11,118 ft MD and Egbolom-2 drilled in August 1986 approximately 2.1 km north-west of Egbolom-1 to depth of 12,390 ft MD. The wells encountered stacked sand and shale intervals of the Miocene Agbada Formation. The regional source rock is the underlying Akata shale.

Egbolom Field development plan has commenced, but a phased approach, driven by strong commercials would determine further development. In the short term, processed crude will be trucked from Egbolom field to a nearby facility. Long term transport would be via pipeline.