From management buyout to leading Nigerian E&P company in four years

2011

• Entered into a 20 year gas sales agreement with Calabar NIPP
• Completion of the 23km Stubb Creek - Qua Ibo pipeline
• Completion of the 60km Uquo - Ikot Abasi pipeline
• Ongoing development of the Uquo field
• Commenced development of the Stubb Creek field
• $150mn senior debt facility completed in June 2011
• $100mn of new equity raised at $350/share

2010

• Acquisition of 62.5% interest in Universal Energy, operator of the Stubb Creek field
• Commenced development of Uquo gas field
• Successful appraisal of Uquo oil field
• Strategic alliance with NPDC for development of OMLs 4, 38 & 41
• Strategic alliance with Petrofac for engineering and project management services and co-investment arrangements
• $110mn raised from strategic partners including Petrofac
• $60mn project finance debt facility completed

2007 – 2009

• Entered into a 10 year gas sales agreement with Ibom Power
• Acquisition of assets from Weatherford and merger of Seven Energy and Exoro Energy
• Seven’s Nigerian gas supply and demand model developed and presented to Nigerian Government
• $120mn acquisition of Gulf of Guinea Energy (Uquo field)
• MOU with Ministry of Petroleum Resources on Accelerated Gas Plan
• Initial US$119mn raised from private equity in 2008