NEWS

PAN OCEAN OIL CORPORATION (NIGERIA) LIMITED & NEWCROSS GROUP APPOINT SUNMONU, EX-SHELL CHAIR AS EXECUTIVE CONSULTANT

Lagos, Nigeria –  The boards of Pan Ocean Oil Corporation (Nigeria) Limited (“Pan Ocean”) and Newcross Group of Companies (“Newcross”), have announced the appointment of Mr. Mutiu Sunmonu, immediate past Managing Director & Nigeria Country Chair for Shell in Nigeria as Executive Consultant to the Board.

Commenting on the appointment, the Chairman of both boards, Dr. Festus Fadeyi said, “We are extremely pleased to have the opportunity to benefit from the unique experiences of a world class professional like Mr. Sunmonu as Executive Consultant. We look forward to utilizing his deep knowledge and insight to take Newcross and its subsidiaries to greater heights and nurture it as an efficient energy conglomerate.”

In his role as Executive Consultant to the Board, Mr. Sunmonu will provide strategic advice and help propel these companies to achieving their mission as the world class energy companies in sub-Saharan Africa.

Mr. Sunmonu brings on board more than 30 years of knowledge and expertise in the oil and gas sector. He graduated from the University of Lagos with a first class degree in Mathematics and Computer Science.

Until his retirement from Shell, Mr Mutiu Sunmonu served as the Country Chair and Managing Director of the Shell Petroleum Development Company of Nigeria Limited. Prior to that, he served in various executive management positions in Shell Nigeria and other locations in Europe as well as the Shell headquarters at The Hague, Netherlands.

In an era of critical challenges in the oil and gas sector, which has been exacerbated by the dwindling price of crude oil and the seeming glut in the gas sector, the appointment of Mr. Sunmonu, one of Africa’s best oil & gas managers as Executive Consultant to the Board, is a deft move that will unarguably set the path towards greater heights.

About Newcross

Newcross is an indigenous oil & gas holding company with a vision to build an African energy conglomerate with world class management and practices. Newcross has several subsidiary entities, with significant assets, in the upstream sector of the Nigerian oil and gas industry.

 Newcross will invest in assets and companies which guarantee superior returns to its stakeholders.  Currently, Newcross currently comprises:

· Newcross Exploration and Production Limited, Joint Venture Partner and Operator of OML 24

· Newcross Petroleum Limited, operator of OPL 283, OPL276 and Joint venture Partner with Platform Petroleum Limited, the operator of Umutu (Egbaoma) –      Asuokpu Marginal Field.

·  Newcross Energy Limited, interest holder in the Egbaoma Gas plant

About Pan Ocean Oil Corporation (Nigeria) Limited

Pan Ocean is the operator of OML98 which is a Joint Venture with the Nigeria National Petroleum Company (NNPC). As part of its strategic growth initiative, Pan Ocean acquired and signed a Production Sharing Contract (PSC) with the NNPC on OML 147 (previously OPL 275). Pan Ocean has developed and completed the 130MMSCF/D Ovade-Ogharefe natural gas processing plant. In 2009, became one of the few companies to sign on to the Carbon Credits scheme offered by the Clean Development Mechanism (CDM) in the Kyoto Protocol and currently remains the largest registered carbon-emission reduction project in West Africa.

administratorPAN OCEAN OIL CORPORATION (NIGERIA) LIMITED & NEWCROSS GROUP APPOINT SUNMONU, EX-SHELL CHAIR AS EXECUTIVE CONSULTANT