LEKOIL

AT A GLANCE

Background

  • On 17 May 2013 Lekoil successfully listed on the AIM market of the London Stock Exchange with a US$50million fundraising.

  • Results of the significant discovery at the Ogo-1 well and subsequent sidetrack suggest potential net recoverable resources of 232 mmboe (P50) and 354 mmboe (P10) to Lekoil Nigeria with additional upside potential expected in the synrift play.

  • Post IPO, Lekoil announced further fundraisings with gross proceeds of approximately US$120 million to fund the drilling completion and testing of the Ogo-1 well and the Ogo-1 sidetrack.

  • A 3D seismic programme, designed by the partners in OPL 310 - Lekoil, Afren Plc and Optimum Petroleum Development Ltd – commenced on 20 March 2014 to cover the remaining 80% of the block.

  • Announced on 19 May 2014: the acquisition of a 40% interest in the Otakikpo Marginal Field, in OML 11 in Nigeria, adjacent to the shoreline, with estimated 2C resource estimates of 56.75mmbbls.

  • Otakikpo Marginal Field scheduled to begin production around mid-year 2015

  • Majority owner of Blocks 2514A&B in Namibia.