Neoleum owns an interest in the Benin Estuary marginal field within the Shell Operated OML 43 acreage (via a JV with NNPC, TOTAL and Eni). It straddles into the Kito field within the Chevron (OML 49) acreage, and was awarded in the 2020 Marginal Field Bid Round.
The field was discovered by Benin Estuary-1 well which was drilled by Shell in 1988, and located in a shallow offshore terrain, and encountered 5 gas-bearing sands, and 5 oil-bearing sands. The asset is low risk with proven reserves of ca. 22MMbls of oil in shallow waters, while being a high reward area with gas resources of ca. 250bcf, and benfiting from a 2 km proximity to both oil and gas flowstations for evacuation.
Neoleum is constantly working to identify and acquire further oil and gas concessions through direct licensing agreements, farming in or acquisitions across Sub-Saharan Africa.