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Lekoil Ltd Ord USD0.00005 (DI) NEX:LEK.GB NEX Common Stock
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Lekoil Limited OPL 310 Legal Action Update

14/01/2019 7:00am

UK Regulatory (RNS & others)


Lekoil Ltd Ord USD0.00005 (DI) (NEX:LEK.GB)
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TIDMLEK

RNS Number : 9438M

Lekoil Limited

14 January 2019

14 January 2019

LEKOIL Limited

("LEKOIL" or the "Company")

OPL 310 - Update Re: Application for a Declaration regarding Ministerial Consent

LEKOIL (AIM: LEK), the oil and gas exploration, development and production company with a focus on Africa, provides an update on OPL310 (the "Block") with reference to the Company's Application for a Declaration regarding Ministerial Consent filed at the Federal High Court, Lagos on March 28, 2018.

Further to the Company's announcement on 3 December 2018, the hearing on the above matter did not occur as planned on Wednesday, January 9, 2019 due to the relevant Judge being unavailable and has been adjourned to a later date to be confirmed to the Company shortly.

The parties remain in negotiations aimed at seeking a satisfactory conclusion for all parties on the above matter. LEKOIL and Optimum continue commercial discussions regarding the financial and technical obligations of both parties in the block once development work is underway. LEKOIL will provide further updates to the market as appropriate. The Company is represented by Fidelis Oditah QC, SAN.

For further information, please visit www.lekoil.com or contact:

 
LEKOIL Limited 
 Alfred Castaneda, Investor Relations 
 Lisa Mitchell, Chief Financial Officer     +44 20 7920 3150 
Strand Hanson Limited (Financial & 
 Nominated Adviser) 
 James Harris / James Spinney / Ritchie 
 Balmer                                     +44 20 7409 3494 
Mirabaud Securities Limited (Joint 
 Broker)                                    +44 20 7878 3362 / +44 20 
 Peter Krens / Edward Haig-Thomas           7878 3447 
BMO Capital Markets (Joint Broker) 
 Jeremy Low / Thomas Rider                  +44 20 7236 1010 
Numis Securities (Joint Broker) 
 John Prior / Ben Stoop                     +44 20 7260 1000 
Tavistock (Financial PR) 
 Simon Hudson / Nick Elwes / Barney 
 Hayward                                   +44 20 7920 3150 
 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").

Technical Background on OPL310

In 2013, the first exploration well (Ogo-1) drilled by the OPL 310 partners - then consisting of Optimum, LEKOIL and Afren - was the Ogo prospect, a four-way dip-closed structure in the Turonian to Albian sandstone reservoirs. The drilling programme included a planned side-track well (Ogo-1 ST) which aimed to test a new play of stratigraphically trapped sediments at the basement of the Ogo prospect. The Ogo-1 well encountered a gross hydrocarbon section of 524ft, with 216ft of net stacked pay whist the Ogo-1 ST well encountered the same reservoirs as Ogo-1 in addition to the syn-rift section which encountered a 280 ft vertical section gross hydrocarbon interval. Owing to well data collected from the two wells, the partners estimated P50 gross recoverable resources to be at 774 mmboe across the Ogo prospect four-way dip-closed and syn-rift structure.

On 25 November 2015, the Company entered into an agreement with the administrator of Afren and Afren Nigeria Holding Limited to acquire the shares of AIOGNL, which held a 22.86% participating interest in OPL 310 for a total consideration of US$13 million, subject to Ministerial Consent. Post acquisition, the Company holds a 40% working interest and 70% economic interest in the block, with AIOGL's 22.86% working interest and 40% economic interest subject to Ministerial Consent.

-ends-

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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January 14, 2019 02:00 ET (07:00 GMT)

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