It is located about 13 kilometres (8.1 mi) off the coast of Saltpond in the northern-central area of the Takoradi Arch, in water depth of 80 feet (24 m).

The concession was reassigned to Offshore Hydrocarbons Ltd., which later entered into a development farmout with Agri-Petco of the United States.

[1] On 18 January 2000, GNPC entered into an agreement with Lushann International of Houston, Texas, for the rehabilitation of the Saltpond Oil Field and the implementation of the rig-less workover proposal.

[1][4] Lushann International was also granted the right to develop up to 400 MW of power generation facilities to commercialize natural gas from the Saltpond Field.

[5] By other sources, the reason for termination of the leasing contract was the inability of SOPCL to pay its outstanding bills.

In 1986, Braspetro conducted a study in which an estimated 1.2 million barrels (190×10^3 m3) and 20 billion cubic feet (570×10^6 m3) of natural gas was reported still in the field.

Another study by Oil-data Wireline Services of Nigeria in 1999 recommended a rig-less workover for the redevelopment of the field.

[1] The cumulative production from beginning of operations to the shut-in in 1985 was 3.752 million barrels (596.5×10^3 m3) of oil and 14.086 billion cubic feet (398.9×10^6 m3) of natural gas.

It was seized by its owner, the Nigerian company Ocean & Oil Limited, due to non-payment of freight charges by Lushann International.