Otakikpo Production Now at 7,000 bopd

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 LEKOIL LIMITED (LEK) 
Otakikpo Production Now at 7,000 bopd 
 
14-Sep-2017 / 07:00 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. 
 
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 [1] or contact: 
 
             LEKOIL Limited 
 
 Alfred Castaneda, Investor          [phone] 
                  Relations 
 
                                     [phone] 
    Hamilton Esi, Corporate 
             Communications 
 
                      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 
 
              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 
 
609581 14-Sep-2017 
 
 
1: http://public-cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=cf18eb9b0cff2bfecacebb0696619578&application_id=609581&site_id=vwd&application_name=news 
 

(END) Dow Jones Newswires

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