{"id":8995,"date":"2020-08-30T19:33:53","date_gmt":"2020-08-30T19:33:53","guid":{"rendered":"http:\/\/oilnewskenya.com\/?p=8995"},"modified":"2020-08-30T19:33:53","modified_gmt":"2020-08-30T19:33:53","slug":"nigeria-lekoil-terms-2019-as-pivotal-year-released-audited-results","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-lekoil-terms-2019-as-pivotal-year-released-audited-results\/","title":{"rendered":"Nigeria: Lekoil Terms 2019 as Pivotal Year, Released Audited Results"},"content":{"rendered":"

Operational Highlights<\/span><\/strong><\/p>\n

Otakikpo<\/span><\/strong><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span>Production levels averaged approximately gross 5,305 bopd (2,122 bopd net to LEKOIL Nigeria)<\/span><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span>Updated Competent Person’s Reports announcing a significant upgrade to 2P oil reserves estimates and prospective resources (unrisked) for LEKOIL Nigeria’s working interest in the field<\/span><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span>Field Licence renewed<\/span><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span>Phase Two plans underway, subject to the securing of funding, for a five to seven well drilling programme, targeting the increase of production to around gross 15,000 to 20,000 bopd (6,000 – 8,000 bopd net to LEKOIL Nigeria)<\/span><\/p>\n

OPL 310<\/span><\/strong><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span>Advanced plans for the Ogo appraisal drilling programme with well locations selected. Funding discussions currently underway with industry partners<\/span><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span>LEKOIL executed a legally binding Cost and Revenue Sharing Agreement (“CRSA”) to progress the appraisal and development programme activities at the OGO discovery and conversion to an Oil Mining Licence (“OML”)<\/span><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span>OPL 310 Licence extended to 2 August 2022, following the payment of an extension fee by LEKOIL<\/span><\/p>\n

OPL 276<\/span><\/strong><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span>Acquired 45% participating interest in the Production Sharing Contract in relation to the Oil Prospecting Licence 276 from Newcross Petroleum Limited (subject to receipt of required consents)<\/span><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span>Preliminary resource estimates by Newcross, based on four wells resulting in four discoveries, reported gross recoverable volumes of 29 million barrels of oil and 333 Bcf of gas, upside of 33 million barrels of oil and 476 Bcf of gas (recoverable)<\/span><\/p>\n

OPL 325<\/span><\/strong><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span>Execution of the PSC in relation to the Oil Prospecting Licence 325 expected to occur in 2020<\/span><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span>On executing the PSC, LEKOIL intends to farm-down a portion of interest following a detailed prospect and lead risking study.<\/span><\/p>\n

Lekan Akinyanmi, LEKOIL’s CEO, commented,<\/span>\u00a0“The priority for 2020 is to advance towards the start of the drilling programmes at both Otakikpo and Ogo in OPL 310. The next two years will prove to be transformative and provide key catalysts for value appreciation for shareholders through the drill bit as we advance in building a leading Africa-focused exploration and production business.”<\/span><\/p>\n

:2019 was a pivotal year for LEKOIL in terms of achieving some of our critical targets and setting the tone for the transformation we expect to see in 2020. We achieved full alignment with the Nigerian Government and our joint venture partners and saw the resolution of the regulatory delays on OPL 310.”<\/p>\n","protected":false},"excerpt":{"rendered":"

Operational Highlights Otakikpo \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Production levels averaged approximately gross 5,305 bopd (2,122 bopd net to LEKOIL Nigeria) \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Updated Competent Person’s Reports announcing a significant upgrade to 2P oil reserves estimates and … Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":8996,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7442,11,7444],"tags":[7796,8332,1749,8330,8331,8329,7795],"class_list":["post-8995","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-top-news","category-west-africa","tag-lekoil","tag-newcross-petroleum-limited","tag-nigeria","tag-opl-276","tag-opl-310","tag-opl-325","tag-otakikpo","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/Lekoil-assets.jpg?fit=1400%2C800&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-2l5","jetpack-related-posts":[{"id":10114,"url":"https:\/\/www.oilnewskenya.com\/index.php\/lekoil-provides-update-on-otakikpo-opl-310\/","url_meta":{"origin":8995,"position":0},"title":"Lekoil Provides Update on Otakikpo & OPL 310","author":"","date":"March 26, 2021","format":false,"excerpt":"Otakikpo On behalf of the two Otakikpo Joint Venture partners, Green Energy International Limited, the operator of the Otakikpo Marginal Field, and LEKOIL Oil and Gas Investments Limited, the technical partner and a member of the LEKOIL group, following is an update on operational performance in respect of the Otakikpo\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/03\/Lekoil-West-Africa-Assets.jpg?fit=1200%2C686&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/03\/Lekoil-West-Africa-Assets.jpg?fit=1200%2C686&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/03\/Lekoil-West-Africa-Assets.jpg?fit=1200%2C686&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/03\/Lekoil-West-Africa-Assets.jpg?fit=1200%2C686&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/03\/Lekoil-West-Africa-Assets.jpg?fit=1200%2C686&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":11933,"url":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-lekoil-announces-strategic-investment-and-restructuring\/","url_meta":{"origin":8995,"position":1},"title":"NIGERIA: Lekoil Announces Strategic Investment and Restructuring","author":"","date":"February 28, 2022","format":false,"excerpt":"LEKOIL has announce Savannah Energy Investments Limited, has entered into a convertible facility agreement and option agreement\u00a0 with the Company in order to support the Company's restructuring. \u00a0 Highlights: \u00a0\u00b7\u00a0\u00a0\u00a0\u00a0The Company has entered into the CFA with Savannah Investments whereby Savannah Investments will support LEKOIL's proposed restructuring\u00a0 by providing a\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/11\/Nigeria-Otakikpo.png?fit=479%2C369&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":11182,"url":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-lekoil-reports-technical-work-for-drilling-of-2-wells-at-otakikpo-ongoing\/","url_meta":{"origin":8995,"position":2},"title":"NIGERIA: Lekoil Reports Technical Work for Drilling of 2 Wells at Otakikpo Ongoing","author":"","date":"November 19, 2021","format":false,"excerpt":"Lekoil has reported that it continues undertaking technical work for drilling of two (2) additional production wells at Otakikpo producing marginal oilfield in OML11. This is part of the companies plans to ramp up production to 15-20000bpd from the current 5110bpd as per October figures with a total of seven\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/11\/Nigeria-Otakikpo.png?fit=479%2C369&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":13089,"url":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-lekoil-nigeria-changes-name-to-fenikso-ltd\/","url_meta":{"origin":8995,"position":3},"title":"NIGERIA: Lekoil Nigeria Changes Name to Fenikso Ltd","author":"","date":"January 5, 2023","format":false,"excerpt":"Lekoil has agreed to change its name and has agreed with Lekoil Nigeria that the Company's name will be changed to Fenikso Ltd following shareholders' approval at the Extraordinary General Meeting on 29th December 2022. The Change comes days after the company announced that\u00a0it has reached an agreement with, among\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/01\/Lekoil.jpg?fit=1200%2C780&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/01\/Lekoil.jpg?fit=1200%2C780&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/01\/Lekoil.jpg?fit=1200%2C780&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/01\/Lekoil.jpg?fit=1200%2C780&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/01\/Lekoil.jpg?fit=1200%2C780&ssl=1&resize=1050%2C600 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"Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/07\/Nigeria-otakikpo-map.png?fit=800%2C670&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/07\/Nigeria-otakikpo-map.png?fit=800%2C670&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/07\/Nigeria-otakikpo-map.png?fit=800%2C670&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/07\/Nigeria-otakikpo-map.png?fit=800%2C670&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":9665,"url":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-lekoil-responds-to-press-speculation-on-metallon-corporation-shareholding\/","url_meta":{"origin":8995,"position":5},"title":"NIGERIA: Lekoil Responds to Press Speculation on Metallon Corporation Shareholding","author":"","date":"January 8, 2021","format":false,"excerpt":"LEKOIL notes the recent local press speculation in relation to a letter received by the Company from the Honourable Minister of State of Petroleum Resources of Nigeria in connection with the prior acquisition of a significant shareholding in the Company by Metallon Corporation Limited\u00a0 and the requirements that a significant\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/01\/NIGERIA-LEKOIL.jpg?fit=1200%2C686&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/01\/NIGERIA-LEKOIL.jpg?fit=1200%2C686&ssl=1&resize=350%2C200 1x, 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