LEKOIL

Otakikpo marginal field

Production details

Description/ Lekoil stake

  • Located in swamp location in OML 11, adjacent to shoreline
  • Lekoil to acquire 40% interest from Green Energy
  • Lekoil will be the Technical and Financial Partner, opportunity to showcase 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
  • Miinisterial consent received in June 2015