Lekoil Limited Corporate and Operational Update (8941L)
15 September 2021 - 9:59PM
UK Regulatory
TIDMLEK
RNS Number : 8941L
Lekoil Limited
15 September 2021
15 September 2021
Lekoil Limited
("LEKOIL" or the "Company")
Corporate and Operational Update
LEKOIL (AIM: LEK), the oil and gas exploration and production
company with a focus on Nigeria and West Africa, is pleased to
provide the following corporate and operational update:
Operational Development for the month of August 2021 taken from
information provided by Lekoil Nigeria
-- Otakikpo:
o Oil production in August 2021 of circa 1,714 bopd (gross)/685
bopd (net).
o As in July, Oil production in August 2021 was negatively
impacted by oil evacuation issues affecting the FSO and the export
terminal. In addition a delay in renewing an environmental permit
also had a production impact. Production that was intermittent
during August has now recommenced.
o Ongoing subsurface studies for drilling additional production
wells.
o No material progress/update on financing required to drill
additional production wells.
-- OPL 310 (Ogo):
o Assessing wellhead deliver options.
-- OPL 325:
o Asset status reviewed with external partners.
-- OPL 276
o Ongoing technical work to optimize appraisal well
locations.
o Developing non-associated gas plans.
Corporate Developments
-- The Company has received a letter from shareholders
associated with Lekoil Nigeria related to the entry into
Convertible Facility Agreement ("CFA"). The Company will consider
the letter and respond in due course.
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 as it forms part of
UK domestic law by virtue of the European Union (Withdrawal) Act
2018 ('MAR'). Upon the publication of this announcement via
Regulatory Information Service ('RIS'), this inside information is
now considered to be in the public domain.
For further information, please visit www.lekoilplc.com or
contact:
SP Angel Corporate Finance LLP (Nominated
Adviser and Joint Broker)
John Mackay / Jeff Keating / Stuart Gledhill
/ Richard Hail +44 20 3470 0470
Tennyson Securities (Joint Broker)
Peter Krens / Edward Haig-Thomas +44 20 7186 9030
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END
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