Total Capital Arranged
$180M
Beniboye Field · Track Record
Current Raise Target
$205M
Amaniba Field · Nigeria
Capital Secured
$61.5M
30% of current target
Active Assets
2
Nigeria Onshore
Quick Stats
Investors Tracked0
High-Fit Targets0
Active Relationships0
Key AgreementFTSA · Seplat
GeographyNigeria Onshore
HQMaryland, USA
Investor Pipeline Overview
No investors added yet.
Beniboye Field
Track Record
Shallow Offshore O&G · OML 62 · Nigeria
Shego's flagship completed deal via Sej Duc Engineering. $180M arranged and deployed for re-entry and redevelopment. Click to view project details.
Total Project Cost
$180M
EPC+F Model
Peak Production
13,000
Barrels per day
Total Reserves
30M+
Barrels (14.8M current scope)
Project Duration
22 wks
~6 months incl. contingency
Cost Recovery
3 yrs
@ $50/bbl benchmark
Cumulative Production
40M+
Barrels historically produced
Field Overview
- Discovered by NAOC (Agip) in 1978, production commenced 1985
- Offshore field located in ~7m water depth, 8-10km from coastline
- Within OML 62 (Petroleum Mining Lease), due for renewal 2027
- Last recorded production: 2,300 bopd in 2013 (currently shut-in)
- Now operated by Oando Energy Resources (OER) after Agip divestiture
- Redevelopment managed by Sej Duc Engineering via EPC+F contractor financing model
Scope of Work
| Activity | Count | Duration |
|---|
| New well drilling (Asset North) | 1 | 45 days |
| Asset Well 3T sidetrack | 1 | 30 days |
| Workover (Wells 5T, 4T, 6T) | 3 | 15 days each |
| Rigless interventions (SEAWOP) | 4 | 10 days each |
| Flowline & pipeline repairs | Bulk | 30 days |
| Flowstation maintenance | Bulk | 30 days |
Financial Breakdown
| Item | Cost |
|---|
| New well drill | $30M |
| Sidetrack | $25M |
| Workovers (3) | $30M |
| Rigless interventions (4) | $20M |
| Flowline & pipeline repairs | $25M |
| Flowstation revamp | $10M |
| Operations cost (incl. CASHES) | $40M |
| Total Project Cost | $180M |
Cost Recovery Economics
81.2%
Cost Oil Allocation
| Metric | Value |
|---|
| Total CAPEX + Profit | $262.8M |
| Total OPEX (3 yrs @ $20/bbl) | $216.2M |
| Total Recoverable (CAPEX + OPEX + Profit) | $439M |
| Barrels to recover @ $50/bbl | 8,780,320 bbl |
| Total production in 3 yrs @ 77% uptime | 10,810,800 bbl |
| Recovery period | 3 years |
Risk Mitigation
- Legal: OML 62 lease renewal in progress; Nigeria has 60+ year track record of honoring concession agreements
- Data Reliability: All well logs, seismic & geophysical data obtained by Agip using Schlumberger, Halliburton, Baker Hughes
- Offshore Advantage: Minimal disruption to human settlements; supermajors increasingly favor offshore operations
- SPV Structure: Dedicated Special Purpose Vehicle isolates financial risk; funding partner holds largest equity stake
- Price Protection: QxPxT = Fixed sum model; recoverable amount immune to crude oil price volatility
Amaniba Field
Active Raise
Shallow Offshore O&G · PPL 232 · OML-67 · Niger Delta
Marginal field awarded to KOGL with 100% equity. 4 horizontal well development plan targeting 17.35 MMstb EUR. Click to view full development report data.
STOIIP
58-61
MMstb (Stock Tank Oil Initially In Place)
EUR (Base Case)
17.35
MMstb with Gas Cap Blowdown
Gas Reserves
402
Bscf total; 205 Bscf monetizable
Total CAPEX
$172.9M
Wells: $110.8M + Facilities: $62.1M
NPV12 @ $70/bbl
$94.6M
With Gas Cap Blowdown
IRR @ $70/bbl
30.9%
With Gas Cap Blowdown
Field Overview
- Location: PPL 232 in the prolific offshore Niger Delta basin, 40-60ft water depth
- Awarded to KOGL via 2020 DPR Marginal Field Bid Round; 100% equity since June 2023
- Farm-in area: ~37 sq km covered by 1994 MPN JV 3D seismic survey
- Original operator: MPN/NNPC JV (OML 67); discovered Q2 1996 by Amaniba-1 exploration well
- Primary reservoir: 11-AM1 with 59ft gross thickness, 41° API, permeability 1-3 Darcy, porosity 27-33%
- Development concept: 4 horizontal wells with onshore processing to minimize lifecycle costs
- Zero crude theft recorded by current operators in the axis over the last 15 years
Economics — Sensitivity Analysis
| Metric | $55/bbl | $70/bbl | $85/bbl |
|---|
| Crude Oil Produced | 17.35 MMBbl | 17.35 MMBbl | 17.35 MMBbl |
| Natural Gas Produced | 205 Bcf | 205 Bcf | 205 Bcf |
| Undiscounted NCF | $253.1M | $405.1M | $538.7M |
| NPV12 | $45.3M | $94.6M | $140.0M |
| IRR | 21.7% | 30.9% | 38.9% |
| DPI (Disc. Profitability Index) | 1.4x | 1.7x | 2.1x |
| Disc. Payout (from 1st oil) | 4.4 yrs | 3.0 yrs | 2.7 yrs |
Key Development Metrics
| Category | Without Gas Blowdown | With Gas Blowdown |
|---|
| Crude Oil Monetized | 19.07 MMBbl | 17.37 MMBbl |
| Gas Monetized | 24.96 Bcf | 204.40 Bcf |
| Oil Equivalent | 23.37 MMBoe | 52.61 MMBoe |
| Wells CAPEX | $110.78M | $110.78M |
| Facilities CAPEX | $62.08M | $62.08M |
| Total CAPEX | $172.86M | $172.86M |
| Total OPEX | $393.26M | $476.73M |
| CAPEX per barrel | $10.68 | $10.68 |
| OPEX per barrel | $24.29 | $29.45 |
| Total cost per boe | $24.22 | $12.35 |
Revenue Distribution @ $70/bbl (With Gas Blowdown)
$369M
Govt. Take (Royalty + Taxes)
Debt Service Capacity (Base Case)
| Metric | 5-Year Term | 10-Year Term |
|---|
| Total Loan | $168.4M | $168.4M |
| Interest Rate | 8% p.a. | 8% p.a. |
| Moratorium | 2 years | 2 years |
| Upfront Fees | 2% on drawdown | 2% on drawdown |
| Debt Service Requirement | $211.8M | $253.4M |
| Cum. FCF to End of Debt Service | $225.6M | $402.3M |
Key Highlights
- Onshore processing minimizes lifecycle capital and operating costs
- Close proximity to crude export terminal (QIT via FUN JV) for crude offtake
- Upside potential resources more than 60% of current P50 reserves estimate
- Attractive fiscal regime: Lower royalty and tax rates under the Petroleum Industry Act
- Gas solution from Day 1: Proximity to Uquo Gas Plant gas export pipeline
- Strategic relationships: Shared logistics base with existing operator; farm into FUN crude handling agreement
- Sand Control: OHSAS (Open Hole Stand-alone Screen) + ICD (Inflow Control Device)
Key Agreement · Seplat Energy FTSA
Shego holds a Field Technical Services Agreement (FTSA) with Seplat Energy, providing operational access to Nigerian upstream assets without direct reserve ownership.
Raise Progress — Amaniba Field
$61.5M
Secured · 30%
$143.5M
Remaining · 70%
Total Raise Target$205M
Secured to Date$61.5M
Remaining Gap$143.5M
Track Record (Beniboye)$180M arranged
Energy Research & News
Live from Google News
Total Investors Tracked
0
Investors tracked
High-Fit Targets
0
Qualified prospects
Warm / Active
0
Active conversations
Investor Pipeline — Tracking
No investors added yet. Start tracking potential investors here.
Target Investor Categories
Family Offices
Strategic Energy Investors
Private Capital Partners
Institutional Co-Investors
Private Equity Firms
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