First asset: KE Field
KE Field is an onshore/swamp “marginal field” (51 km2) in the southern Niger Delta carved out within OML 55, operated by Chevron Nigeria
Staged Oil Development
- The asset consist of a discovery KE-1, and the prospects KE-North, KE-Northeast and KE-South with multi-stacked reservoir sands
- The asset has been extensively studied and described in a CPR and independent field studies
- Re-entry existing well KE-1 well with proven reserves and immediate oil production in 2014.
- Immediately thereafter drill one well into KE South West.
- Some infrastructure is in place. Perimeter fence, ground/location preparation, access road, jetty & staging area, waste-pit and helipad.
- There is scope for exploration drilling into the KE prospects: > 100 MMb prospective resources
- Experienced E&P management with proven track record in-country
- Board with experienced public company directors with strong financial background and in-country relationships
- Company will use KE as a spring board to develop a pipeline of other assets
- Affiliate companies have equity stakes in 3 exploration blocks
*Potential deal flow for MakMera Upstream
- Financing on course to put KE-1 well into production and appraise KE South
- Will grow reserves and production from cash flow thereafter
- Expected to list on TSX
- 100% interest in the KE Field was awarded to local indigenous company Del-Sigma Petroleum Nigeria Limited (“Del-Sigma”) in 2003
- MakMera Upstream Inc. (“MMU”) has acquired a 40% participating interest in 2012 through a Joint Operating Agreement with Del-Sigma
Daily production within 25km of KE field is ~58,000 bopd
Daily production within 50km of KE field is ~113,600 bopd