Following a successful bid for the Egbolom marginal field (OML23) during the 2020 marginal field bid round, SunTrust Oil was awarded a 35.82% participating interest in the Egbolom marginal field by the Federal Government of Nigeria. SunTrust Oil together with its co- awardees, in compliance with the award conditions, incorporated a special purpose vehicle – Ingentia Energies Limited (“IEL”) to operate the Egbolom marginal field. Whilst SunTrust Oil and its co-awardees will be the licence holders, IEL will be the authorized operator of the Egbolom marginal field. 

OML 23 consist of two fields – Egbolom and producing Soku field. Discovered in 1982, Egbolom is an onshore (swamp) marginal field situated in OML 23, located in the Central Niger Delta Sedimentary Basin. The Egbolom Field is located 12km from the Ogbele terminal and about 18km north-east of the Soku Field, operated by Shell.

Egbolom has an Estimated Ultimate Recoverable (2P) Reserves of about 86 million barrels and STOIIP (2P) of 219.8 million barrels with a reservoir depth of 762m. The Egbolom Discovery consists of two wells, Egbolom-1, a vertical well drilled in March 1982 to a total depth of 11,118 ft MD and Egbolom-2 drilled in August 1986 approximately 2.1 km north-west of Egbolom-1 to a depth of 12,390 ft MD. The wells encountered stacked sand and shale intervals of the Miocene Agbada Formation. The regional source rock is the underlying Akata shale.

Full field development planning is in its early stages, but a phased approach is envisaged, driven by strong commercials, with wells initially produced through an Early Production System evacuating production by pipeline to nearby infrastructure.