(Alliance News) - Lekoil Ltd on Wednesday reported a significant upgrade to 2P oil reserves estimates and prospective resources for the 40%-owned Otakikpo Marginal Field located in OML 11 Licence, Nigeria.
The Africa focused oil and gas exploration company said a new updated Competent Person's Report detailing recoverable volumes expected within the Otakikpo Field has been completed by McDaniel Associates & Consultants Ltd by reviewing data from a recently completed 3D seismic acquisition.
The new Competent Person's Report supersedes the previous resource report completed on Otakikpo by AGR Tracs International Ltd in 2015.
The new report estimates 48.6 million barrels of gross proven and probable reserves versus previous 15.0, with 19.42 net to Lekoil.
It also estimates 331.6 million barrels of gross aggregate stock tank oil in place prospective volumes on a P50, unrisked basis, mean estimate versus previous 163.0, net 132.6 to Lekoil.
"This CPR doubles the estimates for unrisked oil resources net to LEKOIL Nigeria and reinforces the economics of the development. We now look forward, subject to securing the necessary funding, to the multi-well drilling programme aimed at increasing production to approximately gross 15,000 to 20,000 bopd," said Lekoil Chief Executive Lekan Akinyanmi.
Shares in Lekoil were down 10.2% at 3.48 pence on Wednesday afternoon.