OML 40

OML 40 is an onshore asset located within the Niger Delta, approximately 65 km northwest of Warri,
covering an area of 498 km 2.

Elcrest completed the acquisition of a 45% equity interest in September 2012, and the block has been producing from the Opuama Field since 2014.

The license hosts three key fields—Opuama, Gbetiokun (which commenced production in H1 2019) and Sibiri (which commenced production in June 2024).

Following the conclusion of the farm-in and other transaction agreements between Elcrest and Naphta Global Limited and the inauguration of the Joint Operating Committee (JOC) in December 2023, the recompletion of Abiala-1 and drilling of the Abiala-2 appraisal well were concluded in 2024. Post-drill results indicated improved 2P reserves from the originally estimated 6 MMboe. First oil from the Abiala field was achieved in September 2024. 

Elcrest advanced the Abiala project with two major milestones in H1 2025: securing regulatory approval for the Field Development Plan, followed by Ministerial Consent for the Abiala farm-in; officially becoming the Operator as well as the Technical and Financial Partner in the Elcrest/Naphta Joint Venture.

Looking ahead, strategic priorities include delivering planned drilling campaigns across Opuama and
Sibiri to sustain and grow production, accelerating infrastructure upgrades to improve evacuation
efficiency and reduce operational risk, advancing gas monetization initiatives to unlock additional
revenue streams, and maintaining strong health, safety, and environmental compliance while deepening community engagement through electrification and social projects.