Smart
Nigerians are getting shares of the new Lagos by acquiring plots and hectares
of land at Ibeju Lekki through COVELAND LIMITED. What are you waiting for?
Click: http://www.tectono-business.com/2019/07/have-share-of-new-lagos-by-investing-in.html
The company said on August 30 that
after months of negotiations it has finally struck a deal with Optimum Petroleum Development Company,
another Nigeria-registered entity on how to progress development of the
offshore OPL 310 asset that has been in the limelight for the better part of
2019 over a disputed ownership transfer.
Lekoil said it has executed a legally
binding agreement with Optimum to progress appraisal and development program
activities at the Ogo discovery, which sits within the OPL 310. Optimum is a
partner and operator in the block.
"We are pleased to have
come to an understanding with Optimum, the Operator of the OPL 310 Block,” said Lekoil’s CEO Lekan Akinyanmi. “We look forward to
working closely with them to unlock significant value for our investors and all
stakeholders, not only with the appraisal potential identified at Ogo, but also
with the other promising exploration leads readily identifiable in the OPL310
Block,” he added.
Wow!!! This landed property
with a C of O @ Abraham Adesanya Roundabout, Ajah suits your taste. Your
colleagues have started buying. What are you waiting for? Click: http://www.tectono-business.com/2019/08/urban-prime-one-estate.html
The OPL310 partners are initially
targeting a two-well program over the next 12 to 18 months. The drilling
program, however, hinges on the decision of Nigeria’s Ministry of Petroleum
Resources extending of the OPL 310 license and both parties mobilizing the
needed financing for the drilling work.
Furthermore, the two companies have
agreed to drill two additional appraisal-development wells based on the results
of the initial two well appraisal campaign and the associated extended well
tests that would be carried out.
A successful well-drilling assignment
is expected to be followed by Competent Person's Report (CPR) update and field
development planning ahead of full field development.
Have
you thought about having a 5-Bedroom Apartment with Penthouse and Indoor
Swimming Pool near Pan Atlantic University?
For details, click: http://www.tectono-business.com/2019/08/have-you-thought-about-having-5-bedroom.html
“Assuming a successful
appraisal, a full field development program will be undertaken and embarked
upon by LEKOIL and Optimum with an industry partner, discussions on which are at
an advanced stage,” added LEKOIL.
In addition, LEKOIL and Optimum are
pursuing a request to the Department of Petroleum Resources to have the OPL
converted to OML, which if granted would extend the licence by 20 years.
Are
you aware that CEOs of reputable organizations like you multiply their
clientele base by just showcasing themselves, organization, products and
services on THE BUSINESS TITANS? For details, click: http://www.tectono-business.com/2019/05/are-you-ceo-showcase-yourself.html
Under the LEKOIL/Optimum agreement,
LEKOIL is to pay 42.85% of US$10m payable to the Nigerian Government on
conversion of OPL 310 to an OML and another 42.85% of $10 million to the
Nigerian Government on reaching First Oil. The balance of the two $10 million
payments will be made by the potential Funding Partner according to the
agreement.
Business
executives and CEOs like you always bring their vehicles to GOF AUTOS
LTD for body works, painting with Sikkens paint and oven
baking at rate of N70,000 for cars and N80,000 for SUVs. For details,
click: http://www.tectono-business.com/2017/06/gof-autos-limited-best-automobile.html
In addition, LEKOIL will also pay the
Ministry of Petroleum Resources the fee that is to be prescribed by the
ministry if an agreement is reached to extend the OPL310 permit.
LEKOIL says if the anticipated
financing is secured, the company will “cover 42.85% of the capital
expenditures and operating expenses of the Block to First Oil, being its 17.14%
pro rata of an aggregate 40% participating interest held by it and the
potential funding partner.”
The company further said the remaining
57.15% of capital expenditures will be covered by the potential funding
partner.
But before last week’s deal between
LEKOIL and Optimum, the ownership of 22.86% stake in OPL 310 has been in
dispute for a while leading to the delay in the development of the asset as
initially envisaged.
Are you aware that many
Nigerian exporters have been defrauded in the process exporting their products?
To export successfully and get paid, click: http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html
However, LEKOIL now says the company
and Optimum have resolved not to pursue the matter any further but rather “use
the 22.86% equity stake in the block as a potential funding and security
vehicle for the accelerated development of the Block by an industry partner or
a third party that elects to farm-in to the Block to fund field development.”
Either LEKOIL or Optimum is at liberty to source for the potential funding
partner.
The Ogo-1 well and the Ogo-1 ST well
were successfully drilled in 2013 at an estimated $50 million and resulted in a
significant oil discovery with data from the vertical and side track wells
placing estimates for the P50 gross recoverable resources attributable to LEKOIL
from the Ogo field at 232 mmboe (P50) from gross recoverable resources of 774
mmboe, in excess of the expected pre-drill estimate of 202 mmboe.
Successful
business managers like you have gotten big deals from sponsoring business
publications on GLOBAL BUSINESS CLINIC? For details, click: http://www.tectono-business.com/2019/05/sponsor-business-publication-on-global.html
For LEKOIL, the agreement with Optimum
last week was a major boost at an otherwise demoralizing period for the company
that has been busy removing one roadblock after another erected by the
government in its endeavor to supposedly streamline investment in the Nigeria’s
upstream segment.
No comments:
Post a Comment