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GERIA DAHOMEY BASIN OPL 310
LEKOIL commissioned a regional basin study and identified the Dahomey Basin block OPL 310 as a key target.
In 2013, we invested $50M in drilling an appraisal well and sidetrack targeting Eko, Agege and the Syn-rift prospects. The result was a significant discovery in the Ogo prospect.
Based on data from the vertical and side track wells, revised estimates for the P50 gross recoverable resources attributable to LEKOIL from the Ogo field were identified as being 232 mmboe (P50) from gross recoverable resources of 774 mmboe. This far exceeds the expected pre-drill estimate of 202 mmboe.
Additionally, Syn-rift leads identified within OPL 310 are expected to contain light oil or condensate-rich gas, and further shallow water leads are being explored. Seismic processing and interpretation is now complete, to be followed by an appraisal well.
December 2015
Lekoil agrees to acquire Afren’s 22.86% participating interest (40% economic interest) in OPL 310, increasing LEKOIL’s consolidated participating interest from 17.14% to 40%, subject to Ministerial Consent, and will become the technical and financial partner. Optimum Petroleum Development Company, the operator and local partner in OPL 310, retains a 60% participating interest.
The OPL 310 Acquisition allows the OPL 310 partners to progress with exploration activities and field appraisal planning, following a delay caused by Afren’s insolvency and administration processes.
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Asset overview
Asset stage Exploration
Participating interest* 40 per cent
Reserves LEKOIL net recoverable estimates of ~232mmboe (P50) from the Ogo prospect only
LEKOIL operating status Non-operated stake (Technical and Financial Partner)
Transaction status requirements Executed farm-in agreement with Afren
*Subject to Ministerial Consent
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Jimmyr
Whay is the present position re OPL310 ?
OPL 310 consent is the game changer. I know people in the industry when the discover was first made in 2013. It’s a monster field. As and when LEK get sign off from the Ministry the stock doubles, and then doubles again. 4 bagger in the making.
Dealer, hit me
jimmyr_83 good move money makes money
Not tempted to trade this just will let it take its course as looking for bigger returns . Only a while back i was 1400 down now approx 900 up . I dont think ur no better trading when you have a company like this which i feel in time will be hit 30p . I have upped my target gla. Thing i could sell now bank my profit but i got to chase it again . I done my hard work got most of my shares 140000 didnt get my target but happy with what i got
Lovely rns, making the fundamentals that much stronger, furthermore majority payment conditional on license very smart.
my ÂŁ40k 3.4p purchase in June looking shhhhhhhhhweeeeeet
Here we go.... lots more to follow... well done all who held on through the bumpy ride. Only way is up!
Great. The news flow has started
Plus upside and near term production not years like a lot of aim frauds whats not to like