This development was made known by the LEKOIL
boss, Olalekan Akinyanmi, in a note
that accompanied its 2018 financial report, according to a statement.
In Akinyanmi’s own words, “The priority for 2019 is to grow production volumes at
Otakikpo through Phase Two development (subject to funding) to reach gross
volumes of 15,000 to 20,000 bopd. The
first step has already occurred, with 3D seismic data acquisition and
interpretation now completed. 2019 should
provide key catalysts for value appreciation for shareholders as we move
forward in building a leading Africa-focused exploration and production business.
“We also continue to advance
towards the start of the appraisal drilling programme on Ogo in OPL 310. We will work with our joint venture partner,
Optimum, to negotiate agreements that will allow us to make progress on the
block, after securing all relevant regulatory extensions and approvals.”
According to the statement, Lekoil was
founded in 2010 by a group of professionals with extensive experience in the
international upstream oil and gas industry as well as in global fund management
and investment banking.
The satement said, “Working with partners, government and regulatory agencies,
the company has sustained production levels and continues an aggressive
investment campaign, which is projected to result in increased production and
profitability in the short to medium term.
“Apart from its interests in
OML 310, the company and its partners finalised technical evaluation on OPL 325
in January 2018. Its consultants, Lumina, identified and reported on 11
prospects and leads, which were estimated to contain potential gross aggregate
oil-in-place volumes of over 5.7 billion barrels (un-risked, best estimate
case). After finalising terms for a Production Sharing Contract on the block,
Lekoil intends to farm-down a portion of its 62 per cent working interest
following a detailed prospect/lead risking study.”
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