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.
COMPANY TIMELINE
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
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
Focus shifts to Phase II at Otakikpo targetting 20,000 bopd. CPR on OPL325 released showing oil-in-place volumes of 5bn barrels, intention to farm down. 3D seismic acquisition begins at Otakikpo.
Continuous commercial production begins at Otakikpo
$12.4 million equity raise to bring Otakikpo into commercial production
Otakikpo flow tests successfully completed at Otakikpo-002 and Otakikpo-003
LEKGAS set up as the gas midstream vehicle of LEKOIL to building strategic, commercial and technical partnerships
Acquisition of Afren’s Interest in OPL 310 giving LEKOIL a 40% participating interest, subject to Ministerial Consent
$46 million equity raise and acquisition of 62% economic interest in OPL 325
First Oil from production tests at Otakikpo ahead of schedule and significantly exceeding expectations
Rig mobilisation in the Otakikpo Marginal Field, followed by construction and subsequent commissioning of production facilities
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
40% interest in Otakikpo Marginal Field on the OML11 licence, onshore Nigeria, acquired from Green Energy International
3D seismic programme covering 1500 sq km commences on the OPL310 licence, offshore Nigeria
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 OPL310.
Significant resource upgrade at the Ogo prospect on the OPL310 licence, offshore Nigeria. Post discovery, net recoverable resources attributable to LEKOIL from the Ogo field estimated to be 232 mmboe (P50)
Significant oil discovery from the Ogo-ST well located on the OPL310 licence, offshore Nigeria
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 OPL310 licence, offshore Nigeria.
