Madec is actively seeking to produce oil and gas assets for acquisition indirectly through corporate-level acquisition or directly via farm-in opportunities. We are at an advanced level of discussion regarding farm into existing production assets through our Nigeria affiliate and hopefully will conclude this transaction as soon as possible.

Additionally, we are currently exploring the opportunity to bring in a Floating LNG to monetize a gas asset offshore Niger Delta in conjunction with a reputable global commodity trader and the Asset Owner.

Current Assets

ROTLAP– Madec Energy has indirect non-operating equity interest in the Raders of the Lost Ark Prospect in Gonzales County, Texas with 2
wells (Raders #1 and Rader #2) already drilled to confirm presence of oil. Rader #3 to be drilled in Q4 2023 is expected to bring the field to production.

 Wiederkehr Asset– The company has indirect non-operating equity interest in the Wiederkehr Asset in McMullen County, Texas. Weiderkehr #1 well has been drilled, completed and came on stream in Q4 2023 with stable production of gas and condensate.  Kinder Morgan is the gas offtaker after signing a GSPA while the condensate is trucked to the buyer. This investment marks the beginning of cashflow generation for Madec Energy.

Bitumen Sub Block B1-Nigeria- Madec Energy own 20% direct equity in Bitumen Sub block B1 straddling between Ogun and Ondo states of Nigeria. The block covers an area of about 196Sqkm within the highly prolific bitumen belt of Cretaceous age in south-west Nigeria. Preliminary estimate of the prospective resources is about 89 MMBBLS, 285 MMBBLS, & 712 MMBBLS Low, Mid & High case respectively.

Full execution of committed work programme is to commence in Q1 2024.