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 SunTrust Atlantic Energies Limited (formerly SunTrust Oil)

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SunTrust Atlantic Energies Limited (“SunTrust”) is a wholly indigenous exploration and production (E&P) company currently operating in Nigeria. SunTrust has actively participated in the Nigerian Upstream industry since 2003 with equity interests in OMLs 56 and 23 (now PPL 202).

The Nigerian Government awarded SunTrust a 30% interest in the Umusadege field located in OML 56 (onshore Delta State) in February 2003, during the first marginal field license bid round. SunTrust and its joint venture partner, Midwestern Oil and Gas, have successfully operated the Umusadege field since 2008, producing over 54.1 million barrels of oil to date via 20 production strings from 17 wells with a current average daily production of 10,000bopd.

The crude oil from the Umusadege field is strategically exported via two terminals: the Shell-operated Forcados terminal (through the Umugini Pipeline) and the NAOC-operated Brass terminal. The Umugini Pipeline, commissioned in 2014, is a 51.4km x 12” pipeline with an evacuation capacity of 100,000bopd and is co-owned by SunTrust.

In 2022, following SunTrust’s participation in the 2020 Marginal Field Bid Round, SunTrust was awarded a 35.82% participating interest in the Egbolom field (formerly OML 23) in PPL 202. Based on its appreciable accredited reserves base, the Egbolom field is set to become a significant contributor to Nigeria’s indigenous production target with an estimated Ultimate Recoverable (2P) Reserves of 85 million barrels and STOIIP (2P) of 220 million barrels. Full field development activities have commenced in earnest with re-entry operations of the Egbolom-2 well ongoing. Crude oil production from the Egbolom field is expected by March 2024.

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