Ibigwe Refinery Construction Awarded to V-LEM

A partnership between Waltersmith Petroman and the Nigerian Content Development Monitoring
Board (NCDMB), has awarded a turnkey EPC contract for the construction of a 5,000BOPD capacity
crude oil to a consortium named V-LEM.

The contract is worth $48.5Million.

The refinery, to be located on the Ibigwe field in the eastern Niger Delta, will process crude oil into
diesel, naptha, kerosene and Fuel Oil.

The equity part of the financing comes from Waltersmith, a Nigerian E&P company which operates
the 6,000BOPD Ibigwe field, and NCDMB, the Nigerian state parastatal overseeing progress and
delivery of local content milestones in the industry, which is investing in the project.

The debt financing comes from Africa Finance Corporation (AFC), a development finance institution.
V-LEM consists of two companies: VFuels and Lambert.

VFuels will construct the Inside Battery Limits (ISBL), which is the refining process chambers of the
facility, while Lambert will construct the Outside Battery Limits (OSBL), the civil works of the
refinery. The construction is expected to take 18 months.

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