Elcrest is a joint venture owned by Starcrest Energy, itself a subsidiary of oil tycoon Emeka Offor’s Chrome Group, which in March won a Pioneer status five-year petroleum tax exemption on OML 40 through to the second quarter of 2019.
Expected end-of-year gross oil output from OML 40 is estimated at 7000 barrels per day as production was stabilised in the first months of 2014.
