Q1 OUT Where is Mart mentioned?
Outlook
In the immediate short term, the Company will continue to focus on obtaining all the necessary funds to fund the
development of the Tom Shot Bank Marginal Field until production operations can commence. This funding will
come from a combination of equity and debt from a Nigerian bank. The Company anticipates all funding to be
secured by June 2013.
Subject to obtaining the necessary approvals from its partners Associated and Dansaki as well as the Nigerian
government, the Company intends to develop the Tom Shot Bank Field in two phases.
Phase 1 will consist of drilling and completing one additional development well and re-entering and completing
the key zones in TSB1 for production. The wells will be tied-back to existing nearby production facilities owned
and operated by a third party which will take three-phase crude oil from TSB to be processed and handling on a
tariff basis. There are several options and the Company is still evaluating the best strategy.
It is anticipated that with all of the funds in place as forecast that TSB3 well can be drilled in early 2014, with
initial production commencing shortly thereafter.
Phase 2 of the development of the Tom Shot Bank Marginal Field will consist of drilling several additional
development wells to increase total production. A separate mobile production unit will be built by the company
to process the crude and to export oil and gas to nearby off-take locations. Phase 2 will take approximately 24
months to complete from the initial start of production operations and should result in the increase in production
coming during 2016