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Allied Energy Plc Asset Profile

OML 120

This block is located directly east of OML 133 (containing the giant Erha Field) and north of OML 121. It covers an area 916.6 sqkm in water depths ranging from 150m to 1000m (more than 98% in deepwaters). Covered by 3D seismic, this block has proven oil and gas in the shallow (Pliocene) part of the Oyo Field. Oyo Field was discovered in 1995 by Oyo-1 well. This was followed by 3 additional wells in the appraisal phase. The field contains more than 50 million barrels recoverable reserves of light 34.5 degree crude oil, and significant volumes of natural gas reserves. Identified crude oil reserves potentials for both OML 120 and the adjoining OML 121, are estimated at some 2 billion barrels. Some exciting prospects have been identified in the deeper Miocene interval, and are aggressively being matured.

Oyo field is currently being developed, with first oil achieved in 2009. The field will be developed in stages. The initial stage will consist of four wells – two producers, one gas injector and one water injector. Additional wells to maintain production level will be added in line with production performance. The field will use a Floating Production and Offshore Loading vessel FPSO with a processing capacity of 40,000 barrels per day and a storage capacity of one million barrels of export quality crude oil.

Allied/CAMAC owns a 100% interest in OML 120.

OML 121

OML 121 block is located directly south of OML 120. It covers an area 887 sqkm in water depths ranging from 150m to 1000m. This block has proven more than 100 feet of gas in the shallow (Pliocene) part of the Ebolibo-1 in Ebolibo Field. Ebolibo-1 well was drilled late 2007. The deeper Miocene sequences in this block, where promising prospects have been identified, are largely untested. Potential recoverable reserves in seismically defined prospects are estimated at some 1 billion barrels. On-going studies efforts are targeted at generating mature deep prospect for drilling starting 2010.

Allied/CAMAC owns a 100% interest in OML 121.

OPL 278

OML 278 block is located in Rivers Province. It covers an area of 91.86 sqkm in onshore to shallow offshore. The block is covered by 2D/3D seismic, which have revealed 2 leads. However, potential hydrocarbon volumes have not been quantified. Also no well has been drilled. It is planned to reprocess and interpret available seismic data to mature a possible exploration well.

Allied/CAMAC owns a 30% interest in OPL 278.

OPL 282

OML 282 block is located in Bayelsa Province. It covers an area 699 sqkm in onshore to shallow offshore. The block is covered by 2D/3D seismic. One exploration well (Ebe-1) drilled off-target, and as a result potential hydrocarbon volumes have not been quantified. It is planned to reprocess and interpret available seismic data for a possible exploration well in 2011.

Allied/CAMAC owns a 6% interest in OPL 282.

OML 108

OML 108 block is located directly east of OML 120 and north of OML 121. It covers an area 759 sqkm in shallow water ranging in depth from 20m to 195m. This block is adequately covered by 2D seismic and additional 187 sqkm of 3D seismic. OML 108 has a producing asset – the Ukpokiti Field, with a total of 8 wells. Cumulative production is 52 million barrels, and this has exceeded the initial ultimate recovery of 50 million barrels. Ukpokiti Field Produced an average of 2000 BOPD in 2008. Plan is to increase production rate by embarking on active development activities in the field.

Allied/CAMAC owns a 2.5% interest in OML 108.

Oil & Gas Assets

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