DAHOMEY BASIN OPL 310

Lekoil commissioned a regional basin study that identified Block OPL 310 in the Dahomey Basin as a key target for exploration and development.

In 2013, Lekoil invested over $100 million in drilling an appraisal well and sidetrack targeting the Eko, Agege, and Syn-rift prospects, resulting in a significant discovery at the Ogo prospect. Based on data from the vertical and sidetrack wells, revised P50 estimates show gross recoverable resources of 774 mmboe, with 232 mmboe net attributable to Lekoil.

This discovery far exceeded pre-drill expectations of 202 mmboe. Further exploration of the Syn-rift leads within OPL 310 suggests the presence of light oil or condensate-rich gas, with additional shallow water leads currently being explored. Seismic processing and interpretation have been completed, with an appraisal well planned for the next phase.

In December 2015, Lekoil agreed to acquire Afren’s 22.86% participating interest (40% economic interest) in OPL 310, increasing its consolidated interest to 40%, subject to ministerial approval.

In November 2023, Lekoil received ministerial consent for its 40% interest in OPL 310, solidifying its position as the technical and financial partner, while Optimum Petroleum Development Company retains a 60% participating interest as the operator.

The license for OPL 310, which was previously extended in 2019, has now been extended for an additional five years, effective from April 5, 2024, enabling Lekoil and its partners to further appraise and develop the Ogo discovery.