Pan Ocean Oil Corporation Information

Overview Pan Ocean Oil Corporation (Nigeria) Ltd. was incorporated in 1973. Since then, it has been operating as an exploration and production company in a Joint Venture with the Nigeria National Petroleum Company (NNPC), on-shore the northern fringe of the Niger Delta. Its Oil Prospecting License OPL – 71 was converted to Oil Mining license OML-98 on December 01, 1975. Crude oil production commenced in August 1976 at the Ogharefe field of OML 98. As a Joint Venture (JV) partner, the NNPC has 60 percent working interest in OML-98 while Pan Ocean has 40 percent. In 2007, Pan Ocean purchased another block, OPL 275 to be developed as a Production Sharing Contract (PSC). When OPL 275 comes on stream, it will increase the present production volumes. Pan Ocean is a trailblazer in the bid to achieve the gas flare out objective of the Federal Government. Since 1984, Pan Ocean went ahead with its initiative on gas utilization despite the challenges of an under developed Nigeria Gas Market. Pan Ocean Oil Corporation (Nigeria) Ltd. has experienced rapid growth since its inception in 1973. We are the only indigenous company currently in a joint venture relationship with the national oil company of Nigeria, Nigeria National Petroleum Corporation. We are also among the leading exploration and production companies in Nigeria, and we continue to experience rapid growth. At Pan Ocean, we have leveraged on our head start against other indigenous oil explorers to build a professionally run organization with high-end service delivery and responsible community development portfolio. We are focused on our growth potential, carefully studying emerging businesses in the oil & gas industry. In all, we are poised to become a leading light in the oil industry as we steadily pursue our goals.