LEKOIL

Continental Africa map

Pipeline/Business Development priorities

1

Converting small to mid-sized marginal opportunities to production (operated)

2

Acquiring mid-large sized non-operated divestment opportunities

3

Acquiring and maturing appraisal opportunities

Asset stage - Production, Otakikpo marginal field

Description/ Lekoil stake

  • Situated in a swamp location in OML 11, adjacent to shoreline
  • Lekoil acquired 40% interest from Green Energy
  • Lekoil is the Technical and Financial Partner, showcasing Lekoil’s ability to operate assets
  • Expected to generate cash flow to fund ongoing activities on portfolio

Reserves

  • 2C recoverable resource estimates of 56.75mmbbls. 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. Click here to see Competent Persons Report.

Transaction status requirements

  • Farm-in fee of $7M (implied $0.5/bbl acquisition price)
  • Production bonus of $4M to be paid after production commencement and ministerial consent
  • Transfer of participating interest subject to ministerial and head farmors consent

Asset stage - Appraisal, OPL 310

Description/ Lekoil stake

  • OPL 310
  • Lekoil Nigeria acquired 30% economic interest
  • Non-operated stake

Reserves

  • Net recoverable estimates of ~232mmboe (P50) from the Ogo prospect only

Transaction status requirements

  • Executed Farm-in Agreement with Afren

Asset stage - Exploration, OPL 325

Description/ Lekoil stake

  • OPL 325
  • Lekoil Exploration and Production Nigeria Limited 62% interest

Reserves

  • Estimated STOIIP of 5.7 billion barrels (P50)
  • Several large prospects with associated channel complexes
  • 3D seismic data over 740km2

Transaction status requirements

  • Farm-in fee of $16.08 million
  • Additional amounts totalling $24.12 million payable in instalments of $12.06 million on OML conversion and start of production

Asset stage - Exploration, Namibia 2514A&B

Description/ Lekoil stake

  • Namibia 2514A&B
  • Lekoil Namibia owns 77.5%
  • Operated stake

Reserves

  • Prospective basin with history of oil seeps
  • Reserves to be proved by Seismic/Work program

Transaction status requirements

  • Completed acquisition and made requisite government payments
  • Reviewing historical data prior to seismic acquisition

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