Alaoma Marginal Oil Field

Alaoma Marginal Oil Field by Unideo Industries Ltd and Transcon Petroleum Ltd. Directors: Medua Izegbu MD/CEO. John Otagada, Director Projects. Navin Channan, CFO acquired on June 8, 2022 Alaoma marginal oilfield is situated onshore and has a 2P (Proven plus highly Probable) reserve figure of 100 (One hundred) Million barrels. 2 wells were drilled on this field which discovered crude oil deposits by Chevron Nig Ltd in 1986. The development plan is to re-enter the 2 existing wells and drill 2 additional wells. This will result in an initial production rate of 2,000 barrels per day and ramping up to 10,000 barrels per day within 18 months of commencement of production. Crude oil will be transported either via pipeline or trucks and vessels to export terminal.