OML 122
| Working interest | Oil 4.08%; Gas 9.8% |
| Operator | Peak Petroleum Industries Nigeria Limited |
| Work program | Development |
Background:
In April 2005, Equator Exploration Limited signed a Finance and Service Agreement with Peak Petroleum Industries Nigeria Limited (‘Peak’), the lease holder of OML 122, an offshore indigenous block.
In return for providing funds and supplying technical services, Equator became entitled to a share of any oil and gas production from the Bilabri and Owanare discoveries and from any discovery made by a selected exploration well.
OER holds 81.5% equity interest in Equator Exploration Limited (Equator), which holds a 5% Working Interest (W.I) in oil and 12.5% equity interest in gas.
OML 122 is located in the offshore Niger Delta region 40km from the coastline of Southern Nigeria, at a water depth of between 40 and 300 meters, and covers an area of 1,599 km² (395,122 acres)
OML 122 includes three discoveres (Bilabri, Orebiri and Owanere). There has been no production from OML 122 to date.
