The Okwok Field was discovered by Mobil/NNPC in 1967 with three wells that found significant oil pay but were not production tested. The field is small relative to the other fields in OML 67, a single block that is producing over 800,000 barrels of oil per day. In 2001 Sovereign petitioned the Nigerian government to declare the Okwok Field a marginal field under Nigeria’s Petroleum Act and the 1996 Marginal Field Decree and to farm out the field to Oriental Energy, owner of the adjacent OML 115. Sovereign negotiated the farm out agreement with Mobil that was signed in May 2006. Sovereign assisted Oriental in finding a technical partner, Addax Petroleum, and the parties commenced the drilling of 4 wells in July 2006. Appraisal and development drilling is scheduled to continue with 2 additional wells in 2007. First oil is anticipated in late 2008. Sovereign retains an equity interest in the Okwok Marginal Field.