In 2005, CC Oil & Gas, working in partnership with the UK’s Centrica Plc, acquired a 30% non-operated interest in Oil Prospecting Licenses 276 and 283 in south-east Nigeria. In doing so, the company took on a two-phase minimum work obligation:
- Phase 1: Drill two exploratory wells and acquire and process 1,000 km of 2D seismic data
- Phase 2: Drill one exploratory and/or appraisal well
Exploration and seismic analysis revealed the presence of significant gas reserves; however, in the absence of either a domestic market or export options such as LNG, commercial prospects were deemed questionable, and the interest was divested in 2010.
