The Company participated in the open acreage allocation bid in January, 1991 and based on its tender, the Company was al- located OPL 304 in the Benin Basin to be operated on sole risk basis.
The Government allows 40 per cent participation of foreign company. Government as well reserves the right to a participation interest at any time in the life of the lease. OPL 304, an onshore block situates within lat 6" 25' -- 6‘58’and Long 3° 22’ --3° 36’East. It covers an area of about 1,524 sq. km. This includes all areas immediate east of Lagos Urban Arm extending up to km 28 along Lagos-Lekki-Epe Road. It is bounded in the South by elongated beach ridges of the Bight of Benin.
This particular position of the Basin has remained unexplored. This might not be unconnected with the terrain and the built up nature of the major part of the block rather than anything to do with the prospectively. Intact, from the available works that have been done very close to the acreage, The necessary setting for Petroleum presence within and around the acreage is shown clearly.