CORE has a number of projects in development some of which are listed below.
EL 28420 bitumen block
EL 28420 bitumen block covers an area of 59.2 km2
Location: Onshore, Okiti-Pupa, Ondo, Nigeria
Prospective Resources: 1.04 Billion Barrels of Bitumen
Development Stage: Exploration Phase
License Holder: Lakel Afrik Petroleum
Operator: Blackbourn Geological Service
Investment Consultant: Core International Mining & Marketing
Nigeria ranks number 6 globally in heavy oil and bitumen reserves, with an estimated 38 billion barrels of oil in place. (Christina Milos 2015)
Most of these reserves are located in Lagos, Ogun, Ondo and Edo States with the signifi- cant (approximately 70%) percentage of it found in Ondo State where this project is located.
The project site is also located close to major road networks and ports.
The project is located in a belt with promising geological structures for bitumen occurrences as elaborated below.
EL – 28420 was granted to Lakel in October 2018 to develop the licence area into a Bitumen production mine.
Nigeria’s Bitumen, also known as Oil Sands, has not yet been exploited, but is a potential source of future revenue for Nigeria, Geologists and engineers predict that Nigeria would use similar methods to extract bitumen as Canada, as the reserves are geologically similar.
Bitumen is typically found surrounding sand grains encased in water and clay, which is where it gets its alternative name, oil sands.
KEY INVESTMENT HIGHLIGHTS
- World-class and low-cost production assets with predictable cash flows
- Incentives include; waiver of customs and import duties for equipment and machinery for the mining operation, 3-5 years tax holiday, free transferability of funds and ability to retain and use earned foreign exchange among others.
- Attractive fiscal terms allow for return optimisation and risk mitigation (a cost-recovery mechanism)
- Strong growth pipeline through proving inferred reserves by meeting exploration targets within asset
- First mover advantage
- Strong relationships with operators, local partners, governments and regulatory bodies
Please contact us via the form below or the contact details provided for any further information. We welcome the opportunity of working with you.
ADDRESS: 24 International House, London, EC1A 2BN, United Kingdom
PHONE Phone: +44 (0) 203 627 3960