Competent Persons Report on Otakikpo Marginal Field
Lekoil (AIM: LEK), the oil and gas exploration and development company with a focus on Nigeria and West Africa, announces a significant upgrade to 2C oil reserves estimates for Lekoil Nigeria’s 40 per cent. participating interest and economic interest in the Otakikpo Marginal Field (“Otakikpo”) in oil mining lease (OML) 11, offshore Nigeria, adjacent to shoreline in the eastern part of the Niger Delta. The Company holds 90 per cent. of the economic interests in Lekoil Nigeria.
AGR TRACS International Ltd (“AGR TRACS”) carried out a comprehensive review of the surface and subsurface data provided by Lekoil. Following the review, AGR TRACS reported that the gross unrisked 2C Contingent Resources for Otakikpo were estimated to be 56.75 mmbbl. This compares to the 36 mmbbl of gross oil resources in the most recent 2C resource estimates available at the time of the Company’s acquisition of the interest in Otakikpo in May 2014 through Lekoil Nigeria’s wholly owned subsidiary Lekoil Oil and Gas Investments Limited.
For the full announcement, please click on the PDF file.