LONDON (Alliance News) - Lekoil Ltd on Monday said it has requested that the expiration of its OPL 3190 licence in Nigeria not be enforced in February.
Leokoil, which holds a 17% unconditional interest and additional 23% interest subject to consent, wrote to the Federal Ministry of Petroleum Resources requesting the licence be extended beyond the February deadline.
The oil & gas exploration, development, and production company said that three years and one month of the licence were lost to regulatory delays outside its control. Lekoil therefore wishes to recover this time and fulfil its requirement of converting the oil prospecting licence to an oil mining licence.
"Lekoil believes it has valid grounds under the relevant Petroleum Act of 1969 for being granted an extension, and will provide an update in due course," Lekoil said.
Shares in Lekoil were down 3.7% at 8.76 pence on Monday.
