MITASOTY's objective is to secure a balanced portfolio of assets and opportunities that enable the company achieve its equity production and reserves aspirations in the short, medium and long term. Through maturation active portfolio management of these assets and opportunities it aims to grow shareholder value. The portfolio will consist of producing assets as well as development assets and appraisal assets. MITASOTY will develop "blue sky" exploration portfolio to excite investors interested in the upside value of the upstream business.
MITASOTY acquired a 10% equity interest in ND Western. ND Western holds a 45% interest in OML34, an onshore land asset operated by NPDC. OML34 is a strategic asset for Nigeria with material oil and gas reserves. The acquisition provides FIRST E&P with immediate equity production of both oil and gas. The block has material upside potential and capable of realising production levels of 60,000 bbl/d oil and 600 mmscf/d gas based on the existing 2P reserves. There is significant exploration potential in the license as demonstrated by the portfolio of leads and prospects.