We have two attractive exploration properties that we believe will propel our initial growth. One property is a 17% working interest in Block LB-13 in offshore Liberia that is situated in a favorable location that includes late Cretaceous turbidite channels and fan complexes and rich source rocks on the West African Transform Margin. ExxonMobil Exploration and Production Liberia Limited is the operator and holds an 83% working interest.
Canadian Overseas Petroleum Limited (COPL) has also announced that its 50% owned affiliate, “ShoreCan” has completed the acquisition of 80% of the share capital of Essar Exploration and Production Limited (Nigeria) – (“Essar Nigeria”). Essar Nigeria’s sole asset is a 100% interest and operatorship of OPL 226 that is located about 50 kilometres offshore in the central area of the Niger D OPL 226 has an area of 1530 km2 and is situated in water depths ranging from 40 to 80 meters. It offers oil appraisal and development opportunities having near term oil production potential and significant exploration upside.
Historically, five wells have been drilled, with the first oil discovery on the Block made in 2001 in the fifth well (Noa-1) after earlier drilling encountered predominantly gas-bearing sands. ShoreCan, in the last year, has completed additional seismic processing to the most recent 568 km2 3D seismic survey acquired by Essar Nigeria in 2012. The advanced seismic processing techniques, applied to this data set by ShoreCan, were successfully completed to better differentiate oil-bearing sands from gas and water-bearing sands.
We continue to look to add to our exploration properties as a source of growth for our company.