OER Commences Production at the Qua IboeFfield

Source: www.gulfoilandgas.com 3/9/2015, Location: Africa

Oando Energy Resources Inc. (OER) completed all civil and pipeline works associated with the Qua Iboe field, and associated crude delivery and sales infrastructure, with commercial production at 2,150 boepd Gross.

Oando Energy Resources holds a 40% working interest in the field. In its capacity as technical services provider, OER, together with the operator and 60% owner, Network Exploration and Production Nigeria Limited (NEPN), brought the field from conceptualization, through development, to first oil delivery. The commercial oil production from the field’s reservoirs has now commenced at an initial rate of 2,150boepd gross to the partners. The crude processing facility was commissioned in the fourth quarter of 2014 but commercial production was delayed until the completion of the associated cluster crude delivery and sales infrastructure into the Qua Iboe Terminal.

“We are delighted to have achieved this milestone, having taken this field through the full cycle of asset development, from drilling to facility engineering, construction and commissioning, and also increasing our organic production contribution from our portfolio,” said Pade Durotoye, CEO Oando Energy Resources. “We will now be focusing our attention on maturing the potential of this field through seismic acquisition and interpretation, and a possible multi-well drilling program. We hope the Qua Iboe field will follow in the footsteps of our successful Ebendo field, where production has increased from 900bopd (gross) at inception to over 7,500bopd (gross) through the identification and drilling of new reservoirs in the field.”

The Company identified the asset in 2012 and an agreement was reached with NEPN for OER to technically lead and fund certain aspects of NEPN’s costs until first oil. Consequently, post recovery of all loan repayments, OER is entitled to 90% of NEPN’s sales proceeds from its 60% share of crude oil production until NEPN’s obligation is paid in full, with OER earning an additional 10% fee on the funded amount.

Qua Iboe is located at the mouth of the Qua Iboe River in the eastern Niger Delta and covers an area of 14 km2 (3,459 acres). The field is immediately adjacent to the ExxonMobil Qua Iboe Terminal.

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