Our Journey

Home / About us / Our Journey

Our History

Thinking differently

Of the values to which we hold, perhaps the most vital of them in recent times has been our ability to think the thoughts others don’t and do the things others can’t. That ability to live ‘outside the box’ has meant that, even in a difficult trading environment, LEKOIL Nigeria Ltd has never been better placed to continue shaping the future of oil exploration in Africa.
Our strategy has always been to build an exploration and production group, diversified across lower-risk production assets, appraisal projects and higher-risk exploration assets, in both known exploration basins and newly discovered basins as well as value-adding strategic partnerships in infrastructure.
Yet part of our success has been in our response to the changing world around us, and in applying our strategy to the prevailing circumstances. That is why, as oil prices have fallen, we have taken action to ensure we remain secure.

Aug 2024

OPL 276 – Transfer of Operatorship from Newcross to Lekoil.

Aug 2024

OPL 276 – Licence extension.

Aug 2024

OPL 276 – Ministerial consent.

Jul 2024

OPL 310 – Licence extension.

Nov 2023

OPL 310 – Ministerial consent for the 22.86% interest- Ministerial consent.

May 2022

Move from AIM to AQSE Growth Exchange.

Jan 2019

Updated Otakikpo CPR detailing a signiﬁcant upgrade to 2P reserves and resources and prospective volumes.

MoU signed with Schlumberger and trading subsidiary of major international oil company for further development at Otakikpo.

Acquisition of 45% participating interest in OPL 276.

Resolution with OPL 310 Partner Optimum Petroleum.

OPL 310 – Licence extended.

Sep 2018

Plans are underway for a three to five-well drilling programme at Otakikpo to increase production to 15,000-20,000 bopd. OPL 310 well locations selected.

Jan 2018

Focus shifts to Phase II at Otakikpo targetting 20,000 bopd. CPR on OPL 325 released showing oil-in-place volumes of 5bn barrels, intention to farm down. 3D seismic acquisition begins at Otakikpo.

Mar 2017

Advance payment facility with Shell in place.

Jan 2017

Continuous commercial production begins at Otakikpo.

Oct 2016

Production to storage tanks begin.

Oct 2016

$12.4 million equity raise to bring Otakikpo into commercial production.

Apr 2016

Otakikpo flow tests successfully completed at Otakikpo-002 and Otakikpo-003.

Apr 2016

LEKGAS set up as the gas midstream vehicle of LEKOIL to building strategic, commercial and technical partnerships.

Dec 2015

Acquisition of Afren’s Interest in OPL 310 giving LEKOIL a 40% participating interest, subject to Ministerial Consent.

Sep 2015

First Oil from production tests at Otakikpo ahead of schedule and significantly exceeding expectations.

Sep 2014

Otakikpo Marginal Field on the OML11 licence, onshore Nigeria following a comprehensive review of subsurface data by AGR TRACS. Post Competent Persons Report, net 2C recoverable resources attributable to LEKOIL from Otakikpo estimated to be 20.43mmbbls.

May 2014

40% interest in Otakikpo Marginal Field on the OML 11 licence, onshore Nigeria, acquired from Green Energy International.

Mar 2014

3D seismic programme covering 1500 sq km commences on the OPL 310 licence, offshore Nigeria.

Nov 2013

Equity placing raises approximately US$100 million. Net proceeds are used to fund the completion of drilling and testing of the Ogo-1 well, Ogo-ST well and future development of OPL 310.

Significant resource upgrade at the Ogo prospect on the OPL 310 licence, offshore Nigeria. Post discovery, net recoverable resources attributable to LEKOIL from the Ogo field estimated to be 232 mmboe (P50).

Oct 2013

Significant oil discovery from the Ogo-ST well located on the OPL 310 licence, offshore Nigeria.

Jul 2013

Equity placing raises approximately US$20 million. The net proceeds used to fund the drilling and testing of the Ogo-ST (sidetrack) well on the OPL 310 licence, offshore Nigeria.