Republic of Benin

Block 1 & Sèmè Field

The combined acreage extends over 550 km² adjacent to Nigeria/Benin international boundary in water depth of up to 100m. SAPETRO acquired 350 km² seismic data over the acreage in 2007 and by the end of the first quarter of 2009, had drilled two appraisal wells in the Sèmè field to confirm the existence of by-passed oil in the Sèmè field which had produced over 20 million barrels of oil up to 1998 under operatorship of other previous operators.

During the course of 2015, we relinquished our 100% interest in Block 1 offshore Benin following the drilling of an unsuccessful exploration well – Perle C.

As part of the re-development plan, we drilled three wells in Sèmè field between 2014 and 2015 but given the current oil prices and some technical challenges in one of the wells, we suspended the project. We are currently evaluating other options for the field..