Upstream

Seven Energy has a world-class portfolio of natural gas and oil assets and interests that are characterised by relatively low geologic risk fields with substantial resource potential. These Niger Delta properties are focused in two core areas (South East and North West) selected primarily for regional natural gas demand, their relatively secure nature and the resource potential in the areas.

Seven Energy has interests in three discovered onshore fields in the Niger Delta, namely: Uquo, Matsogo and Stubb Creek. In 2010, the Uquo-3 and Uquo-2 wells were re-entered and tested successfully. Uquo-3 has been completed as an oil production well and Uquo-2 has been completed as a natural gas production well. Development of the processing and distribution infrastructure to put these fields on production is nearing completion.

At Stubb Creek, a total of nine wells have been drilled to date and development of the infrastructure necessary to bring this field onto production commenced in 2011.

In addition to these interests, in September 2010, Seven entered into a strategic alliance with the Nigerian Petroleum Development Corporation concerning its 55% interest in three blocks in the North West Niger Delta (OMLs 4, 38 and 41). The blocks are close to our Matsogo Field, with current gross production in excess of 30,000 barrels of oil.

Operations

Seven Energy's operations are organised into three business segments:

• Upstream Oil and Gas Development and Production: operating under the name Septa Energy in partnership with NPDC, Frontier Oil and Universal Energy.
• Mid-stream Processing: operating under the name of Ekid Gas Processing Company and FUN Group.
• Gas Marketing, Transportation and Distribution: operating under the name Accugas.