Continental Oil & Gas has aggressively pursued exploration and production, which culminated in the development of the Otuo North and South Fields in Bayelsa, and the discovery of Obra Field in 2005. The Obra field discovery came on stream in the second quarter of 2007.
OML 59 has a Mobile Offshore Production Unit (MOPA) named "AUNTIE JULIE". The production facility was commissioned in May, 1999 and currently has a daily oil production of about 25,000 BOPD and is capable of handling 80,000 BOPD.
OML 59 was awarded to Continental Oil & Gas Ltd. for 30 years on June 6th 1998, but was operated by Conoil Producing Ltd under a joint venture arrangement. A total of 29 wells have been drilled so far in the block, 25 of which were completed in 23 reservoirs of the three fields.
Continental Oil & Gas has as directors Agbolade Paddy, Subair Shefiu with Mike Adenuga as chairman.