Otakikpo Production Now at 7,000 bopd
14 September 2017 - 4:02PM
UK Regulatory
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release.
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 +44 20 7920 3150
Relations
+44 20 7920 3150
Hamilton Esi, Corporate
Communications
Strand Hanson Limited
(Financial & Nominated
Adviser)
+44 20 7409 3494
James Harris / James Spinney /
Ritchie Balmer
Mirabaud Securities LLP
(Joint Broker)
+44 20 7878 3362 / +44
Peter Krens / Edward 20 7878 3447
Haig-Thomas
BMO Capital Markets (Joint
Broker)
+44 20 7236 1010
Jeremy Low / Neil Haycock
/ Thomas Rider
Tavistock (Financial PR)
Simon Hudson / Barney +44 20 7920 3150
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)
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