About Us
Utilize our local expertise and established relationships to strategically acquire high-production, low-risk development oilfields with significant exploration potential. Prioritize increasing shareholder value as the primary metric for evaluating potential oil acquisitions. Forge robust joint venture agreements with field owners, while continually enhancing our core management team to ensure exceptional operational efficiency and success.
Our strengths include a proven asset capable of achieving production within just one year, operating within prolific oil and gas jurisdictions supported by proven geological models. We have a high chance of geological success, strategically located between existing producing fields within the same PPL 274 block, where high rewards significantly outweigh the risks.
Our strategy centers on an offshore focus, targeting proven but stranded offshore oilfields. We concentrate on Nigeria, leveraging our board and management's indigenous relationships with the government and industry. Our aim is to farm into offshore marginal fields and negotiate the acquisition of proven but stranded offshore marginal fields from major oil companies.
PPL 274
PPL 274. Our one-year goals include achieving early production, with the field expected to be brought into production within a year, and focusing on reserves growth. Located offshore in shallow waters, covering an area of 40.02 km². Discovered in 1993 by Chevron with the well Ogedeh-1, this field has oil and gas found in 7 sands of the Agbada formation. Additionally, there are two other nearby discoveries, Ajapa-1 (1987), which is currently producing, and Akepo-1 (1993), which achieved first oil in February 2013, both carved out as Marginal Fields.
A standalone processing and evacuation infrastructure at the Field is meticulously designed to ensure efficient and effective operations. Starting at the wellhead, equipped with a Christmas tree, oil is directed to an early production facility located 10 meters away. This facility processes the extracted oil before transferring it to a storage barge with a capacity of 30,000 barrels, situated another 10 meters away. From the storage barge, the oil is then transported via a marine shuttle vessel to export storage tanks located 18 kilometers away, ensuring a seamless flow from extraction to storage and shipment..
WELWYN, in partnership with Bicta Energy and Management Systems, acquired a 60% stake in the field during the 2022 bid round. The signature bonus has been paid, and ongoing efforts are in place to set up a Special Purpose Vehicle (SPV) with the 40% partner. The field boasts 6.8 million barrels of contingent 1P oil and 14 million barrels of best-case contingent oil. Production from a re-entry well is expected to reach 3,000 barrels of oil per day (bopd) by the first quarter of 2026. Additionally, two more wells, funded by cash flow, are anticipated to boost production to 10,800 bopd by 2027.
Talented Team
Schultz Well Services has mobilized The Grandfather workover rig built by Canadian Energy Equipment Manufacturers, from the United Arab Emirates, to re-enter and workover Ogedeh-1. It is envisaged The Grandfather will arrive on location as soon as site preparation work has advanced enough to host the rig.
Our Values
We leverage our agility, innovative approach, and deep industry expertise to discover and develop high-potential oil and gas assets.
Together, with a special focus on Nigeria, we are dedicated to unlocking energy resources that power progress, contribute to a sustainable energy future, and play a vital role in the socio-economic development of Nigeria by creating jobs, supporting local communities, and enhancing infrastructure.
Our mission is to generate exceptional returns for our stakeholders by prioritizing operational excellence, environmental stewardship, and community engagement. We believe in fostering strong relationships with our partners, investing in our people, and upholding the highest standards of integrity and safety in all our operations.
We are committed to minimizing our environmental footprint, promoting sustainable practices, and supporting initiatives that enhance the well-being of local communities and protect natural ecosystems.