Nigeria: Lekoil to develop marginal field for cash flow

Issue 278 - 31 May 2014
Lekoil has paid $11m for a 40% stake in the Otakikpo marginal field, and plans to bring it into production within 12-18 months with investment of $67m. The deal will deliver cash flow while the partners in the major Ogo discovery on OPL 310 appraise its potential. Cayman Islands-registered Lekoil has 30% in the Afren-operated licence where the Ogo discovery was announced in November. “Acquiring this interest in Otakikpo is a very attractive proposition, economically and operationally for Lekoil. It brings access to near-term production in line with our growth strategy, cash flow to fund activity on our other assets and upside potential to be proved up from 3D seismic and appraisal drilling,” said chief executive Lekan Akinyanmi.

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