Appraisal Opportunity – Offshore Niger Delta

Sigmund Oilfields Ltd (“Sigmund”) is pleased to announce the recent completion of a Competent Persons Report for Sigmund-operated offshore Nigeria block OPL-2012. The report confirms the presence of a significant contingent oil, gas, and condensate resource within an extension of the Agbara field across the boundary of OPL-2012. The estimated resource has the potential to support a stand-alone or shared facility development and provides an opportunity for early cash flow. “We are delighted with these results”, commented Sigmund’s Chairman Chief Chris Ubah. “The report confirms our long-held belief that a substantial prize exists within the boundaries of OPL-2012. The opportunity to test an extension of a material producing field such as Agbara is quite unique in Nigeria. We are now embarking on a campaign to secure the investment to drill an appraisal well.”