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Nigeria Upstream OG Precedent Transactions Analysis

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Nigeria Upstream OG Precedent Transactions Analysis
STRICTLY PRIVATE AND CONFIDENTIAL

Nigerian Upstream Oil & Gas Transaction Multiples
A range of factors influence valuation metrics on a boe basis, including maturity, scale, off-take and local issues
Precedent transactions in
Nigeria average US$5.8 per 2P boe Offshore transactions have commanded a premium over onshore On-going Shell divestment process will provide a number of further benchmarks

(US$ per 2P boe)

$9.0

Announced
Date

Asset/Target

Value
(US$ MM)

Acquired
Stake
(%)

Acquirer

Description

Onshore/Offshore

Total 2P
Reserves
(mmboe)

2P Reserves
Multiple
(US$ per boe)

05-Jul-2013

First Hydrocarbon
Nigeria

105

23

Afren

Acquisition of a 23% stake in a corporate entity with a 45% working interest in OML 26 in the
Niger Delta

Onshore

14

7.46

1,550

100

Oando

Acquisition of ConocoPhillips entire Nigerian operations, consisting of five onshore and offshore oil and gas assets

Offshore / Onshore

221

7.00

20-Dec-2012;
ConocoPhilip’s
not complete(1) Nigerian Assets

04-Apr-2011

OML 30 Block

850

45

Heritage Oil

Acquisition of a 45% working interest in an onshore block located in the Niger Delta from
Shell, Total and Agip

Onshore

506

1.68

01-Apr-2011

OML 40 Block

154

45

Elcrest Exploration and Production
Nigeria

Acquisition of a 45% interest in one onshore block in the Niger Delta

Onshore

28

5.49

25-Nov-2010

Seven Energy
International

100

15

Petrofac

Acquisition of a 15% stake in a corporate entity owning several oil and gas interests in the Niger
Delta

Onshore

19

5.17

31-May-2009

Gulf of Guinea
Energy

120

n/a

Seven Energy
International

Corporate acquisition of an entity holding a 40% participating interest in the Uquo Field in the
Niger Delta

Onshore

72

1.67

12-Jan-2009

OML 125 / OML
134

197

15

Oando

Acquisition of two blocks from Agip which are both located in offshore Nigeria

Offshore
(Deepwater)

25

7.94

09-Jan-2006

OML 130
Exploration
License

2,692

45

CNOOC

Acquisition of a 45% working
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