November, 18 (Lagos, Nigeria):

Following the earlier execution of the Heads of Agreement (HOA) with Emerald Energy Resources Limited (“Emerald”), and the significant progress made by Eastlake Exploration and Production Limited (“Eastlake”) to develop the OML141NW field, Eastlake is happy to announce the signing of a substantive Financial Technical Services Agreement (FTSA) with Emerald.  This significant milestone, grants Eastlake, the rights to develop the highly prolific OML 141NW (Barracuda field), on an onshore swampy acreage, West of Brass in the Niger Delta, Nigeria.

The FTSA affords and provides Eastlake dual avenues to generate significant economic returns from Crude Oil and Gas Development from the Barracuda Field. The Barracuda Field is to be maximally developed and exploited for Crude Oil through Project Group 1 (PG1), which ultimately seeks to produce up to 100 Million Barrels of Oil and 50 Billion Cubic Feet of Gas. The commencement of development activities on OML 141 NW provides further upsides and opportunities within the entire OML 141 Asset.