Optimum Petroleum Development Limited Profile

Optimum Petroleum Development Limited is a petroleum exploration company registered in Nigeria in 1992.

OPL is 310,500,000 acres oil block offshore Nigeria in the western part of the Benin Basin, was rewarded to Optimum Petroleum Development Limited in water depths ranging between shoreline and 1900 meters.

At the expiration of the first exploration phase, the block was re-allocated to Optimum Petroleum Limited in February 2008.

OPL 310 is highly prospective and on trend with Aje and Seme fields located in the adjacent OML 113 and offshore Benin, respectively. The block lies in water depths ranging from the shoreline on the northside of the block to 1,900 meters in the south. The block is located in the Dahomey Basin, to the southeast of the Volta Fan and to the southwest of the Niger Delta, situated on the transform margin of West Africa in Western Nigeria (Figure 1.1). The primary exploration potential in the block lie in Upper Cretaceous marine sandstones, in straitgraphic and structural traps similar to those prove by the Aje discovery in Block OML 113, which lies immediately west of OPL 310. Further discoveries in the Eastern Benin Republic have found potential in the Albian as well as Upper Cretaceous reservoirs (i.e. Seme North, Seme South, Hihon and Fifa fields), which are also extremely promising for the hydrocarbon prospectively of block OPL 310.

Several opportunities are present on the block,the most attractive of which are named the Eko/Okoko and Ogo prospects, in addition to the Shasha and Ado leads. The prospects and leads have been estimated to have prospective mean hydrocarbon in place volumes of 2,100MMbbls of Oil and 2,651bcf Gas in combined structural/straitgraphic closures at presumed Turonian, Cenomanian and Albian levels.

Only about 16% of the block has 3D seismic coverage, but analysis of the existing 2D seismic data suggests additional Upper Cretaceous closures within Block OPL 310.

Additional 3D seismic will be acquired to properly map these leads and mature them into drillable prospects.