Lekoil Limited (LEK.L) Confirmation of completed Optimum Payment

LEKOIL (AIM: LEK), the oil and gas exploration and production company with a focus on Nigeria and West Africa, announces today that the Company, in accordance with the agreement which was announced on the 30 April 2020.

Has received confirmation that the payment of US$1.0 million to Optimum Petroleum Development Company (“Optimum”), the Operator of the OPL 310 Licence, to cover the portion of sunk costs and consent fees due on or before 15 July 2020, has been completed.

The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

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.

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