Sadiq Petroleum Nigeria Limited has over the years carried out extensive study on small to medium size fields currently owned by multinational oil companies to establish those with economics capable of generating positive cash flow for the size of company like ours. Fields of particular interest to us are:

• relatively small to medium sized assets remote from the operator hub and infrastructure;
• remotely located productions that may require gas or other volumes probably from outside operator's area;
• fields shut in for HGOR.

Based on our findings, we are poised to farm into some of these lower priority development projects in the portfolio of major operators and efficiently develop and produce them earlier than prioritized by the multinationals. SPNL is particularly evaluating some onshore, swamp and shallow offshore opportunities.

To adequately prosecute our campaign, we have established sustainable joint venture relationships with Osyka, Adair International and IPR Inc. (all of the United States) for the development of our oil exploration interests. Our technical partners are independent oil and gas companies based in Houston, Texas, USA who have cumulatively, several decades of experience in operating small and medium sized fields in the United States and Latin America. Their experience in profitably operating small fields would be brought to bear on our jointly identified portfolios.

Together, we have acquired large volumes of the available geoscientific data in our identified concessions/marginal fields of interest and have commenced detailed evaluations aimed at revealing the true upside potentials of the fields contained therein. At the same time, Sadiq Petroleum Limited has signed Memorandum of Understandings with some foreign financial partners and some service companies who have expressed interest in having joint venture relationships with us for the purpose of funding and development of our selected interests.

Again, since we have consistently expressed the desire to operate our fields ourselves, we recently brought on board some veterans from multinational E&P companies (geologists/geophysicists and petroleum engineers) who have several years of experience in the use of 2-D, 3-D and 4D high-resolution seismic interpretation and reservoir characterization to identify and delineate the most upside potentials of our selected oil and gas interests.