LEKOIL LIMITED: Commencement of 3D Seismic Acquisition at Otakikpo

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 LEKOIL LIMITED (LEK) 
LEKOIL LIMITED: Commencement of 3D Seismic Acquisition at Otakikpo 
 
01-Feb-2018 / 07:57 GMT/BST 
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. 
 
01 February 2018 
 
       LEKOIL Limited 
 
       ("LEKOIL" or the "Company") 
 
       Commencement of 3D Seismic Acquisition at Otakikpo 
 
  LEKOIL (AIM: LEK), the oil and gas exploration, development and production 
  company with a focus on Africa, has commenced the shooting of a 3D seismic 
   survey at the Otakikpo Marginal Field ("Otakikpo") in OML 11, onshore and 
   offshore in the south-eastern part of the Niger Delta. Sinopec Changjiang 
Engineering Services Limited (Sinopec) has been previously contracted by the 
 Company to carry out the survey. Permits have been secured and mobilisation 
         completed. Line cutting has commenced and is currently in progress. 
 Preparations for seismic recording operations are at an advanced stage. The 
               survey is expected to complete around June 2018. 
 
Following the completion of this seismic acquisition, the Company will then 
process and interpret the new 3D seismic data, subsequently releasing an 
updated Competent Person's report. 
 
    Lekan Akinyanmi, LEKOIL's CEO, said, "The acquisition of 3D seismic data 
      will provide valuable information to unlock further value at Otakikpo. 
       Sinopec has a reputation for high-quality data acquisition and we are 
               pleased to be working with them." 
 
        For further information, please visit www.lekoil.com [1] or contact: 
 
             LEKOIL Limited 
 
 Alfred Castaneda, Investor         [phone] 
                  Relations 
 
                                    [phone] 
       Lisa Mitchell, Chief 
          Financial Officer 
 
                     Strand Hanson Limited 
                    (Financial & Nominated 
                                  Adviser) 
 
                                             [phone] 
 
              James Harris / James Spinney 
                          / Ritchie Balmer 
 
    Mirabaud Securities LLP 
             (Joint Broker) 
 
                              [phone] / +44 
       Peter Krens / Edward             20 7878 3447 
                Haig-Thomas 
 
 BMO Capital Markets (Joint 
                    Broker) 
 
                                    [phone] 
  Jeremy Low / Neil Haycock 
             / Thomas Rider 
 
   Tavistock (Financial PR) 
 
      Simon Hudson / Barney         [phone] 
   Hayward / Charles Vivian 
 
 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"). 
 
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 Otakikpo Joint Venture 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 One 
    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 Two 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.:  5176 
 
End of Announcement EQS News Service 
 
650437 01-Feb-2018 
 
 
1: http://public-cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=cf18eb9b0cff2bfecacebb0696619578&application_id=650437&site_id=vwd_london&application_name=news 
 

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February 01, 2018 03:00 ET (08:00 GMT)