Twin Summit Resources was co-awarded Petroleum Prospecting Licence (PPL) 232 located shallow offshore, South Eastern Niger Delta Sedimentary Basin in water depths of 40 to 50 feet.
PPL 232 presents a commercial opportunity as well as a technical and operational challenge. Our development focus is on the contingent hydrocarbon resources as encountered in reservoirs A and B discovered in Amaniba-1 well. Implementation of this plan will commercialize about 50MMBOE of resources, as well as explore potentials for upside using current technologies.
Twin Summit Resources will support the maturation of resources to reserves and production and therefore contribute towards achieving Nigeria's reserves and production targets of which we are glad to contribute a significant part.
It is our goal to become a leading world lean petroleum asset operator and potentially to seek additional oil and gas investment opportunities. Further deepening the organization's development planning, project execution and operating experience will support TSRL in achieving this aspiration.
In the medium term, our objective is to mature and develop some contingent resources, and deliver additional 15,000kboe/d production to Nigeria's oil basket. Implementation of our exploration and production strategies will play a key role in delivering a significant part of this target.
Twin Summit Resources operates dynamic corporate management practices which pursue set standards and ensure transparency in our business value chain.
We adopt robust governance structure with explicit bylaws, over and beyond the code of best practices and corporate governance guidelines. As a result, we continuously reinforce our credibility in the industry, improve senior management's decision-making process, and improve our business management.
