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Acquisition of Onshore Nigeria Oil Mining Lease 18 by Suntrust Oil Ltd.

SunTrust Oil Company, an indigenous E&P company and a 30% equity owner of OML 56 Umusadege (which assets currently produces over 22,000 bpd), strengthens its desire to become a leading oil and gas exploration and production company in Africa via the official handing over of the recently acquired Onshore Nigerian Oil Mining Lease 18 (“OML 18”). SunTrust Oil is pleased to announce that it is a member of the consortium that has acquired a 45% participating interest in OML 18 and all its associated assets, wells pipelines and infrastructure from the Shell Petroleum Development Company (“SPDC”), Total E&P Nigeria...

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The UMU 16 Drilling

DRILLING The UMU 16 well has been successfully drilled and completed. The UMU 16 well is the first well to be drilled on the western location of the field. The well has since been put in production with a combined production of about 6000 barrels of oil per day (“BOPD”) from the long and short strings on Choke 28/64”. Future drilling activities in UMU west will make use of the other drilling slots in the UMU west location to appraise some of the identified sands during the UMU 16 drilling. The second water disposal well has been successfully drilled...

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Umusadege Community Empowerment Initiative

SunTrust Oil has through the management of the Umusadege field in conjunction with its Joint venture partner, identified positively with the aspirations of its host communities while contributing significantly to national development. We strive to make a difference through investments that provide lasting community benefits. In keeping with our corporate social responsibility, we have impacted the host communities through various developmental projects as follows: Environmental project: We have a firm policy of adhering to strict industry standards relating to protection of the environment. Suntrust’s policy to operate safely and to protect the environment has evolved significantly in the past...

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