200 m Main structures on Albian Field oil/gas International Boundaries Isobaths Well with shows/dry TOGO GHANA Lomé Cotonou SÈMÈ OIL FIELD AJE FIELD Lagos Cotonou 1 Block 2 Block 1 Block 3 Block 4 Block 5 Block 6 Lome 1 Lome 2 Haho 2 Keta 1 Hihon 1 1000 m 200 m 2000 m 2000 m Ouidah 1 Ike 1 Porto-Novo 1 Sota 1 DOC 1 6°20' 6°20' 6°20' 6°20' 6°20' 6°20' 6°20' 6°20' 6°20' 6°20' 1°30 2° 2°30' 1°30 2° 2°30' Sèmè N Sèmè S K-1 L-1 0 10 20 30km Fila1 BENIN NIGERIA Adje 1,2 (FSO), to restart production. Horizontal wells and modern completion technology for water control will be used to maximise total oil recovery and reduce CO2 footprint. Previous drillings in the Sèmè Field in 2014 to 2015 have proven additional deeper hydrocarbon accumulations of oil and gas. Further appraisal tests, including the appointment of a qualified person to independently assess the amount of reserves in the field, will be undertaken in conjunction with the early production drilling. Additional reserves and resources, if any, can be produced at a later stage through the infrastructure installed for the initial development, as part of a Phase 2 development of the deeper oil and gas accumulations. The Group will tap on the geological & geophysical expertise and the deep technical & operational know-how of its teams in Norway and Oman, and establish a professional team locally, to work towards constructing a Field Development Plan to restart production. Exploration and appraisal efforts to unlock unexploited oil and especially gas potential in the field will also be evaluated. To date from 2024, LPH has raised NOK 1.75 billion (approximately US$159.10 million#) in NOK-denominated senior secured bonds and tap issues on the bond, to finance activities undertaken by LPH’s subsidiaries in Norway and Benin. ABOUT THE SÈMÈ FIELD The offshore Block 1 in Benin covers 551 sq km and is in shallow water depth of 20 to 30 metres. The block includes the Sèmè Field discovered by Union Oil in 1968. The Sèmè Field was first developed by Norwegian oil company, Saga Petroleum (Saga), and had produced approximately 22 mmbbls between 1982 and 1998, before production was stopped prematurely due to low oil prices of around US$14 per barrel in 1998. Akrake will initially redevelop the Sèmè Field and apply the Group’s tried and tested low-cost production system comprising a jack-up Mobile Offshore Production Unit (MOPU) and a Floating Storage and Offloading Unit #US$1 = NOK 11 mmbbls: millions of barrels Annual Report 2024 3 8
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