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LEK Lekoil Limited

0.95
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Lekoil Limited LSE:LEK London Ordinary Share KYG5462G1073 ORD USD0.00005 (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.95 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Lekoil Limited Otakikpo Production Now at 7,000 bopd

14/09/2017 7:18am

RNS Non-Regulatory


TIDMLEK

Lekoil Limited

14 September 2017

 
                                       LEKOIL LIMITED (LEK) 
                               Otakikpo Production Now at 7,000 bopd 
 
                                            14-Sep-2017 
     Dissemination of a Regulatory Announcement that contains inside information according to 
                   REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group. 
              The issuer is solely responsible for the content of this announcement. 
 
 
                                         14 September 2017 
 
                                          LEKOIL Limited 
                                    ("LEKOIL" or the "Company") 
 
                                         Operations Update 
                               Otakikpo Production Now at 7,000 bopd 
 
     LEKOIL (AIM: LEK), the oil and gas exploration, development and production company with a 
     focus on Africa, is pleased to announce an increase in current production at the Otakikpo 
    Marginal Field ("Otakikpo") in OML 11. Since starting production on 20 February 2017 at an 
   initial rate of 5,000 bopd, production has averaged approximately 5,500 bopd through 31 July 
    2017. Current production at Otakikpo is now approximately 7,000 bopd. The Company continues 
   to focus on ramping up to Phase One target production of 10,000 bopd, which the Company still 
                                   targets around year-end 2017. 
 
 
 
                 For further information, please visit www.lekoil.com or contact: 
                                          LEKOIL Limited 
                   Alfred Castaneda, Investor Relations          +44 20 7920 3150 
                   Hamilton Esi, Corporate Communications        +44 20 7920 3150 
                                 Strand Hanson Limited (Financial & 
                                         Nominated Adviser) 
                               James Harris / James Spinney / Ritchie 
                    Balmer                                       +44 20 7409 3494 
                           Mirabaud Securities LLP (Joint Broker) 
          Peter Krens / Edward Haig-Thomas             +44 20 7878 3362 / +44 20 7878 3447 
                                BMO Capital Markets (Joint Broker) 
                  Jeremy Low / Neil Haycock / Thomas Rider       +44 20 7236 1010 
                                     Tavistock (Financial PR) 
                   Simon Hudson / Barney Hayward                 +44 20 7920 3150 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                      Background to Otakikpo 
    Otakikpo is sited in a coastal swamp location in oil mining lease (OML) 11, adjacent to the 
    shoreline in the south-eastern part of the Niger Delta. LEKOIL Nigeria exercises the rights 
 and benefits of its 40% Participating and Economic interest in Otakikpo via the Farm-in Agreement 
    and Joint Operating Agreement signed on 17 May 2014 with Green Energy International Limited 
                                      ("GEIL"), the Operator. 
 
   The Company holds 90% of the economic interests in LEKOIL Nigeria. LEKOIL Limited's economic 
  interest in Otakikpo therefore equates to 36%. The Otakikpo Joint Venture (LEKOIL as Financial 
     and Technical Partner to GEIL) began operations in December 2014. Ministerial consent was 
     granted by the Honourable Minister of Petroleum Resources of Nigeria in June 2015. LEKOIL 
    funded the costs of development and is entitled to recover this expenditure preferentially 
                          from 88% of production cash flow from Otakikpo. 
 
  The Otakikpo Field Development Plan consists of two phases. Phase 1 comprises the recompletions 
     of two wells, Otakikpo-002 and Otakikpo-003, with the installation of an Early Production 
   Facility of 10,000 bopd capacity and export via shuttle tanker. Phase 2 covers the subsequent 
  incremental development of the rest of the field with new wells. Otakikpo commenced commercial 
                                        production in 2017. 
 
                                              -ends- 
 
 
 
ISIN:            KYG5462G1073 
Category Code:   MSCM 
TIDM:            LEK 
Sequence No.:    4631 
 
 
 
 
 
 
End of Announcement  EQS News Service 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

NRAUSANRBUAKARR

(END) Dow Jones Newswires

September 14, 2017 02:18 ET (06:18 GMT)

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