Nigeria: Lekoil increases OPL 310 stake

Nigerian independent Lekoil has increased its stake in OPL 310 and the Ogo oil discovery by agreeing to buy bankrupt former partner Afren’s 22.86% stake for $13m in cash. Lekoil acquired the stake through the acquisition of Afren Investments Oil and Gas Ltd, and $150m of intra-group loans from Afren Plc and Afren Nigeria Holdings Ltd for a total $13m. The acquisition takes Lekoil’s interest in OPL 310 to a 40% participating interest and 70% economic interest. Operator Optimum Petroleum Development Company holds the other 60%.