The Management of Neconde Energy Limited, a member of the Obijackson Group and operator of the Oil Mining Lease, OML 42, has raised the alarm over threat to its $558 million, about N200.8 billion, asset, Premium Times reports.

Frank Edozie, the Managing Director of the company, disclosed this during an interactive session with journalists on Sunday in Lagos while cautioning PENGASSAN over picket plans on May 15. Mr. Edozie alerted the public on plans by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) to picket the company over issues relating to severance package.

He explained that in March 2016, Neconde and PENGASSAN entered into an agreement over welfare issues, including increased severance package, transfer and 13th month allowance with a caveat that the agreement will only be implemented once production hits 70,000 Barrels Per Day, BDP. However, he expressed surprise that despite the fact that the current production level remained at 15,000 bpd, PENGASSAN in alliance with some workers of Neconde have concluded arrangement to picket the company on May 15.