The company’s findings have been confirmed by a rigorous hydrocarbon exploration campaign it has conducted in the Sierra Leone Basin

the Innoson Oil & Gas Limited announced on Saturday that it is on the verge of discovering a huge deposit of 8,200 billion cubic feet (TCF) and 234 MMbbl of gas and condensate in its Sierra Leonean basin.

A statement from Cornel Osigwe, the company’s head of corporate communications, said an independent energy consultancy, Ryder Scott Company, has confirmed Innoson Oil & Gas Ltd’s findings of a rigorous hydrocarbon exploration it had been carrying out in the Sierra Leone basin since 2020. .

“IOG was granted nine graticular provisional blocks in May 2020,” the statement said, adding that the following year, Sierra Leone’s parliament ratified an oil exploration and production license in favor of IOG, as confirmed in a transmittal letter to IOG in April. 2021.

The company revealed that the said Sierra Leonean basin has a functioning petroleum system, corroborated by the oil deposits encountered during previous exploration activities, among others by Anadarko, Repsol and Tullow Oil who made the Venus discovery. B1 and mercury sinks.

Martin Nweke, chief administrative officer of IOG, noted that boldness and a willingness to deploy unconventional technology are core propositions that drove the industry novice’s campaign.

The statement noted that with essential cost, time and accuracy, the IOG exploration team led by Andrey Sergeev, Project Manager and Chief Geologist, deployed a robust Earth Remote Sensing (ERS) method. for the recognition of the basin.

Innoson said Saturday that a development opportunity is currently being evaluated.

Likewise, the company said asset valuation, a field development plan and the establishment of a data room are being vigorously pursued with the immediate objective of engaging a partner with the financial strength. , technological and management skills to accomplish joint discovery, development and production. .

IOG claims to have a 100% working interest in the prospect with 10% deferral, plus optional 5% paid interest(s) for the State of Sierra Leone. Sierra Leone’s attractive state fiscal and fiscal regimes provide a flexible and robust environment for operations, he added.

Innoson Oil and Gas Ltd is a company under the IVM Innoson Groupa multidimensional business organization that has various business interests in automotive manufacturing and assembly, plastics production, oil and gas, ICT, wood processing and hospitality.

The oil and gas company located in Uru Umudim, Nnewi, Anambra State was incorporated in 2019 as an expansion of Innoson Petrochemicals Ltd which has been in business for 10 years.