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OPL 310 - Update Re: Application for a Declaration

25 Jan 2019 07:00

RNS Number : 0711O
Lekoil Limited
25 January 2019
 

 

25 January 2019

 

LEKOIL Limited 

("LEKOIL" or the "Company")

 

OPL 310 - Update Re: Application for a Declaration regarding Ministerial Consent

LEKOIL (AIM: LEK), the oil and gas exploration, development and production company with a focus on Africa, provides an update on OPL310 (the "Block") with reference to the Company's Application for a Declaration regarding Ministerial Consent filed at the Federal High Court, Lagos on March 28, 2018.

Further to the Company's announcement on 23 January 2019, the matter came up for mention at the Federal High Court in Lagos on 24 January 2019. A summary briefing was given and a subsequent adjourned court date of 7 February 2019 was assigned for the hearing.

The parties remain in negotiations aimed at seeking a satisfactory conclusion for all parties on the above matter. LEKOIL and Optimum continue commercial discussions regarding the financial and technical obligations of both parties in the block once development work is underway. LEKOIL will provide further updates to the market as appropriate. The Company is represented by Fidelis Oditah QC, SAN.

 

For further information, please visit www.lekoil.com or contact:

 

 

LEKOIL Limited

Alfred Castaneda, Investor Relations

Lisa Mitchell, Chief Financial Officer

 

 

+44 20 7920 3150

 

Strand Hanson Limited (Financial & Nominated Adviser)

James Harris / James Spinney / Ritchie Balmer

 

 

+44 20 7409 3494

 

Mirabaud Securities Limited (Joint Broker)

Peter Krens / Edward Haig-Thomas

 

 

+44 20 7878 3362 / +44 20 7878 3447

BMO Capital Markets (Joint Broker)

Jeremy Low / Thomas Rider

 

 

+44 20 7236 1010

Numis Securities (Joint Broker)

John Prior / Ben Stoop

 

 

+44 20 7260 1000

Tavistock (Financial PR)

Simon Hudson / Nick Elwes / Barney Hayward

 

+44 20 7920 3150

 

 

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 ("MAR"). Technical Background on OPL310

In 2013, the first exploration well (Ogo-1) drilled by the OPL 310 partners - then consisting of Optimum, LEKOIL and Afren - was the Ogo prospect, a four-way dip-closed structure in the Turonian to Albian sandstone reservoirs. The drilling programme included a planned side-track well (Ogo-1 ST) which aimed to test a new play of stratigraphically trapped sediments at the basement of the Ogo prospect. The Ogo-1 well encountered a gross hydrocarbon section of 524ft, with 216ft of net stacked pay whilst the Ogo-1 ST well encountered the same reservoirs as Ogo-1 in addition to the syn-rift section which encountered a 280 ft vertical section gross hydrocarbon interval. Owing to well data collected from the two wells, the partners estimated P50 gross recoverable resources to be at 774 mmboe across the Ogo prospect four-way dip-closed and syn-rift structure.

On 25 November 2015, the Company entered into an agreement with the administrator of Afren and Afren Nigeria Holding Limited to acquire the shares of AIOGNL, which held a 22.86% participating interest in OPL 310 for a total consideration of US$13 million, subject to Ministerial Consent. Post acquisition, the Company holds a 40% working interest and 70% economic interest in the block, with AIOGL's 22.86% working interest and 40% economic interest subject to Ministerial Consent.

 

-ends-

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
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MSCLFFLFLSISFIA
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