Page 51 - SUSTAINABILITY REPORT 2020_FLIPBOOK VERSION.cdr

Milestones

1996 2001 2003 2004

Incorporation of the company as Waltersmith became a Waltersmith participated in the first Waltersmith executed a farm-out
a joint venture between wholly owned Nigerian Nigerian Marginal Oil Field licensing Agreement with SPDC JV and took
Waltersmith & Associates and company. round organized by the FGN and was over ownership and Operatorship
Petroman Oil Limited. awarded the Ibigwe Field located in of the Ibigwe Field.
OML 16.

2011 2010 2009 2008

Waltersmith commenced Waltersmith ramped up Commenced 1st phase of Completed the re-entry of two existing
its 2nd phase of Work production to circa Drilling Campaign. Drilled and wells (IB-1&2), installed an EPF and
Over & Drilling 2,200boepd. completed Ibigwe attained first oil at an average
Campaign. 4 & 5 wells. production of 500bopd. Waltersmith
also commenced commercial export.

2012 2018 2019 2020

Concluded the drilling work-over and Waltersmith attained Waltersmith was awarded offshore Commissioned our
completion of 4 wells. Production also production rate of block EG-23 by the Government of 5,000bpd(first phase) modular
ramped up to circa 4,400boepd and a 6,000boepd and drilled Equatorial Guinea. refinery in Ibigwe, Imo-State.
15,000boepd flow station was installed. Ibigwe 9,10,11wells.
Waltersmith also acquired interest in
OML 34 as part of the ND Western
Consortium.

51
51