Offshore W. Africa Drilling Contract

Elenilto, with state oil company Petrosen, awarded Production Sharing Contract (PSC) by the Government of the Republic of Senegal.

The contract is to develop the prospective Senegal Offshore Sud Shallow Oil block. Elenilto will be the operator of the block and Petrosen will have minority participation interest in the project.

The block is 7,920 sq km and is located in Southern Senegal Casamance offshore basin. Oil Resources volumetric assessment based on reprocessed 2D seismic coverage indicates potential of 500-800 million barrels of oil in first priority leads. Other deeper possibilities are highly likely and will be explored by Elenilto, who have selected two areas of interest as first priority for immediate further exploration and they intend to begin the 3D seismic survey shortly.

Elenilto has operated in Senegal since 2010 in the Hydrocarbon and Minerals sectors, and its operations in Senegal are managed by its local manager and minority partner, Mr. David Ericson through Capital Investments and Management (CIM). The company is one of the leading oil, gas and minerals developers in Africa and is developing offshore & onshore oil blocks, iron ore, tantalum, coal and other minerals large scale projects in 8 countries in Africa and Europe.