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LEKOIL announces FY 2019 final results

LEKOIL announces FY 2019 final results

AIM-listed LEKOIL, the oil and gas exploration and production company with a focus on Nigeria and West Africa, has announced its final audited results for the year to 31 December 2019.

Operational Highlights

Otakikpo

  • Production levels averaged approx. gross 5,305 bopd (2,122 bopd net to LEKOIL Nigeria)
  • Updated Competent Person’s Reports announcing a significant upgrade to 2P oil reserves estimates and prospective resources (unrisked) for LEKOIL Nigeria’s working interest in the field
  • Field Licence renewed
  • Phase Two plans underway, subject to the securing of funding, for a five to seven well drilling programme, targeting the increase of production to around gross 15,000 to 20,000 bopd (6,000 – 8,000 bopd net to LEKOIL Nigeria)

OPL 310

  • Advanced plans for the Ogo appraisal drilling programme with well locations selected. Funding discussions currently underway with industry partners
  • LEKOIL executed a legally binding Cost and Revenue Sharing Agreement (‘CRSA’) to progress the appraisal and development programme activities at the OGO discovery and conversion to an Oil Mining Licence (‘OML’)
  • OPL 310 Licence extended to 2 August 2022, following the payment of an extension fee by LEKOIL

OPL 276

  • Acquired 45% participating interest in the Production Sharing Contract (‘PSC’) in relation to the Oil Prospecting Licence 276 from Newcross Petroleum (subject to receipt of required consents)
  • Preliminary resource estimates by Newcross, based on four wells resulting in four discoveries, reported gross recoverable volumes of 29 million barrels of oil and 333 Bcf of gas, upside of 33 million barrels of oil and 476 Bcf of gas (recoverable)

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Source: EnergyPedia

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