Zenith Makes Offer for Sèmè Field in Benin

Friday, September 23, 2022

Zenith Energy Ltd. announced that it has submitted an offer to the relevant Ministry in the Republic of Benin for the award of an initial nine-year license to operate Block 1 containing the Sèmè oilfield, offshore Benin.

The offer was made on September 15, 2022, the last valid day for participation in the offer submission process.

About Block-1

• A proven oilfield, with significant unexploited potential, having estimated recoverable reserves (P2) of 22-28 million barrels of oil and 428 billion cubic feet of natural gas (Kerr McGee 2005).
• Has produced a reported 22 million barrels of oil to date, with last production having taken place in 1998.
• Historical recovery factor of 22%, leaving significant margin for improvement of the recovery factor utilizing modern completion techniques, horizontal drilling, and improved 3D seismic.
• Last produced at a rate of approximately 2,000 barrels of oil per day.
• 23 wells have been drilled in Block-1, with the last well having been drilled in 2009 by South Atlantic Petroleum (SAPETRO). This well discovered oil, however, due to the prevailing oil price at the time (approx. US$30) it was deemed uncommercial.
• Located in shallow water (30m) offshore with onshore facilities and tank farm for processing of oil production.
• Discovered in 1967 by Union Oil, Block-1 covers 551 sq. km with over 355 sq. km of recent 3D seismic data.
• Significant development and exploration potential in the emerging Syn-Rift play extending from neighboring Nigeria.
• Production facilities comprised of three platforms, the last being installed in 2014-2015.

Andrea Cattaneo, Chief Executive of Zenith, commented: “We are delighted to have submitted this Offer for what is an extremely exciting opportunity in Benin, representing the largest and most prospective oilfield in the country.

“Block-1 has significant untapped, independently assessed oil and gas reserves, a proven history of material oil production and existing field infrastructure. These key qualities make it a potentially highly enriching addition to our portfolio and fully satisfy the key criteria defining our growth strategy.

“Benin is a stable and attractive jurisdiction for foreign investment, and we look forward with great enthusiasm to working closely with the local authorities to ensure we achieve a fruitful and enduring partnership in the event our Offer is accepted.”

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