Offshore Nigeria
Potential Oil Reserves: NSAI 2007 Independent Report shows contingent resource range
from 117 MMBOE (P90) to 433 MMBOE (P10)

The Aje field is situated in Oil Mining Lease (OML) 113 in water depths of c. 3,000 feet and is 15 miles offshore being some 40 miles southwest of Lagos. The discovery well, Aje-1, which was drilled in 1996 encountered oil and gas in reservoirs of Cretaceous age, and flowed at an aggregate rate of 42 MMSCFGD and 2,262 BOPD over three zones. An appraisal well, Aje-2, which was drilled in 1997 flowed 3,866 BOPD from a deeper separate additional zone which had not been encountered in the Aje-1.
The partnership is made up of the following: Yinka Folawiyo Petroleum Company Limited (“YFP”), the Operator, Chevron Nigeria Limited (“Chevron”), Vitol Exploration Nigeria Limited (“Vitol”), Energy Equity Resources Aje Limited (“EER”) and P.R. Oil and Gas Nigeria Limited “(Providence”)