Africa Operations (5% interest)

Providence holds a 5% interest in Oil Mining Lease 113 (“OML 113”) offshore Nigeria, containing the Aje Field.  The partnership is made up of the following: Chevron, Vitol, Energy Equity Resources, Yinka Folawiyo Petroleum Limited and Providence.

OML 113 lies on the extreme western part of offshore Nigeria adjacent to the border of offshore Benin in the Benin Embayment. The Benin Embayment lies along the prolific West African Transform Margin, a petroleum fairway which contains fields including the Tullow operated Jubilee Field offshore Ghana. OML 113 covers approximately 1,670 square kilometres, or 412,500 acres, in areal extent and lies approximately 43 kilometres southwest of Lagos.

The Aje Field lies on the southern part of OML 113 directly on the shelf break margin. The Aje Field development is being led by Chevron, a world-class operator with proven West African development and production experience, who has identified substantial upside in OML 113.

Four wells have been drilled to date on the Aje Field, each of which were hydrocarbon-bearing, with three of the wells having logged significant net hydrocarbon-bearing sections. Two of the initial wells (Aje-1 and Aje-2) successfully tested oil and gas at high rates whilst a further well (Aje-4) logged significant pay with Modular Dynamic Testing (“MDT”) data confirming the presence of four productive reservoirs. Aje-4, whilst proving the lateral extent of the Upper Cretaceous oil and gas-bearing reservoirs, also successfully evaluated additional deeper exploration targets, particularly the Albian. A long step-out appraisal well (Aje-3) was drilled on the down-dip southwest flank of the field providing valuable stratigraphic and velocity data for integration into the full field model.  Geophysical data coverage over OML 113 includes 915 kilometres of 2D seismic, 700 square kilometres of 3D seismic, and an electromagnetic survey.