South Atlantic Petroleum Limited (“SAPETRO”) is pleased to announce that the Egina Field, located 150 kilometres off the coast of Nigeria and within the Oil Mining Lease (OML) 130 Contract Area, commenced production on 29^th December 2018.

Egina field was discovered in 2003 and is the second development in production on OML 130, after Akpo Field which started production in 2009. The field development consists of a Floating Production Storage and Offloading (FPSO) unit and a Subsea Production System. In stellar local content development, six (6) of the eighteen modules on the FPSO were built and integrated in Nigeria and 77% of hours spent on the project were worked in Nigeria.

The Egina field is expected to reach its peak production of approximately 200,000 barrels of crude oil per day in 2019.

SAPETRO holds 15% interest in OML 130, while TOTAL Upstream Nigeria Limited (as the Operator) holds 24% interest, Petrobras Oil and Gas BV holds 16% interest and CNOOC E&P Nigeria Limited holds 45%.

About SAPETRO

SAPETRO is an African focused privately held oil & gas exploration, production and investments company with portfolio of high-quality assets in West Africa. To find out more about SAPETRO, visit our website at www.sapetro.com