Investment Analysis & Valuation
Should you buy it, build it, or walk away? That is the question we love to answer. We look at a single field or a whole portfolio, and rank each asset by what it can really deliver.
Our work starts with a discounted cash flow, usually at a 10% rate (NPV10). We then cross check against recent deals, using benchmarks such as dollars per 2P barrel and dollars per flowing barrel. We also look at the value locked in undeveloped gas, and the cost of old liabilities such as decommissioning.
You get a range of values, along with the assumptions behind each one. Investors can follow the logic, regulators can test it, and you can walk into a negotiation knowing your walk away price.
What you get: a clear valuation report, a ranked list of assets, a sensitivity table, and a straight recommendation on whether to buy, hold or pass. We present it to your board in plain words, and we stay in the room to take the hard questions with you.
Project Finance & Capital Structuring
Great projects die every day for lack of the right funding. We help you raise and shape capital for marginal fields, farm ins, acquisitions and new developments.
The toolbox is wide: equity, senior debt, mezzanine, reserve based loans, vendor finance, offtake prepayments and production payments. We build the debt sizing, check cover ratios such as LLCR and DSCR, and match repayment to the production curve.
Because we speak both languages, engineering and finance, investors get straight answers. We prepare the teaser, information memorandum, model and data room, and we stay with you through term sheet, conditions precedent and first drawdown.
What you get: a bankable model, a funding plan with sources and uses, a shortlist of likely funders, and a data room ready to open. We also prepare your team for investor meetings, so you walk in calm, stay on message and walk out with a term sheet.
Geoscience & Subsurface Risk
Drilling is expensive. Knowing where to drill is priceless. Our geoscience work takes the guesswork out of what lies below, before a single dollar goes into a well.
We interpret seismic, tie it to well data and build the structural and stratigraphic picture. We review fault seal, trap geometry, reservoir quality and fluid contacts. In the Niger Delta, where stacked Agbada sands sit against growth faults, these details can make or break a prospect.
Volumes come as a range with a chance of success attached. That way your money follows evidence, not hope. If a prospect does not stack up, we will tell you, kindly but clearly.
What you get: mapped prospects and leads, volumetric tables, risk scores, and a drilling recommendation with a clear location and target depth. Maps and logs are handed over in a form that your own geoscientists and your partners can pick up and use.
Drilling & Well Engineering
We take wells from spud to first oil, and then look after them through their producing life. A well is usually the biggest single cost in a field, so getting it right pays for itself.
Our engineers review offset wells, pore pressure and fracture gradient, then set casing design, mud programmes and cementing. We plan directional paths, hole cleaning and torque and drag. We also pick completions that fit the rock, including gravel packs and frac packs for the loose sands that are so common in the Delta.
The goal is simple: a safe well that hits the target, at the lowest sensible cost per foot, with as little nonproductive time (NPT) as possible.
What you get: a complete drilling programme, a time and depth curve, a cost estimate ready for your AFE, and a list of the main hazards with a plan for each one. On the rig, our daily reporting shows you exactly where the well stands.
Commercial Structuring
Good partners start with good paper. We structure upstream contracts, farm ins and joint operating agreements that hold up in both commercial and regulatory review.
We work through the details that decide who really makes money: working interest, carried interest, cost oil and profit oil split, operatorship, sole risk, default terms and voting passmarks. We also cover gas sales agreements, crude handling and lifting agreements, and service contracts.
Everyone should know exactly where they stand before anything goes wrong. That is why we model each clause, so you can see what a term is worth in dollars before you sign it.
What you get: a term sheet in plain English, a table comparing each option, drafting input for your lawyers, and a value model for every key clause. We sit beside you in negotiations, so you always know which points matter and which ones you can happily give away.
Regulatory & Bid Support
A strong application can win an asset. A weak one can lose it, however good the plan. We prepare bid documents and compliance reports to the standard that reviewers expect.
That covers licence round entries, prequalification files, technical and commercial bids, NUPRC submissions and consent for assignment. It also covers field development plans, work programmes and environmental filings. We check every requirement against a list, so nothing gets missed.
Clean files save time, reduce back and forth queries, and show regulators that they are dealing with a serious operator. And yes, we track the deadlines for you.
What you get: a full compliance checklist, a submission calendar, professionally written documents and a clean, indexed file. We also prepare you for regulator questions and presentations, and we follow up after filing, so your application keeps moving and does not sit in a long queue.
Financial Modelling & Fiscal Design
Petroleum economics is where geology, contracts and tax meet. Our models turn all of them into numbers that you can actually use.
Each model carries production forecasts, capex phasing, opex, royalties by terrain, hydrocarbon tax, companies income tax, cost recovery and host community contributions. Then we run sensitivities on oil price, gas price, capex, delays and decline rate. Tornado charts show at a glance what really moves your value.
The result is an investment case that can be defended line by line, in front of a board, a bank or a regulator. Models are built clean and auditable, so your own team can use them after we leave.
What you get: a tested Excel model with clear inputs and outputs, a short user guide, sensitivity and scenario tables, and a summary for your board. We train your staff to run it, because a model is only useful when your own people understand it and trust it.
Enterprise Risk & Audit Readiness
Nobody enjoys an audit. But the companies that plan for one rarely fear it. We build governance into your project from the start, so that it is never bolted on in a panic.
That includes risk registers, delegation of authority, cost controls, joint venture audits, cash call tracking and proper record keeping. We help to align your books with joint venture accounting rules and with what regulators and lenders want to see.
When an auditor or investor asks a question, the answer and the evidence are ready to go. This saves money, protects your cost recovery, and builds trust with every partner around the table.
What you get: a live risk register, a controls checklist, a clean audit file and a simple dashboard for your leadership. If an audit exception or a cost recovery dispute comes up, we help you to answer it quickly and fairly, with the facts and paperwork in hand.