LEKOIL farmed-in to Otakikpo in May 2014. The consideration paid to Green Energy International Limited (“GEIL”) for the acquisition of the interest comprised a signature bonus of US$7 million (an implied US$0.5/bbl acquisition price) and, contingent on production and Ministerial Consent, a production bonus of US$4 million (fully paid in December 2017). In addition, LEKOIL was to, and did, fund costs to first oil
LEKOIL originally commissioned a regional basin study and identified the Dahomey Basin block OPL 310 as a key target. The OPL 310 is located in the Upper Cretaceous fairway that runs along the West African Transform Margin. The block extends from the shallow water continental shelf close by the City of Lagos, Nigeria into deeper water. The main prospects within the licence area are in water depths ranging from 100 to 800 metres and are within proximity to the West Africa Gas Pipeline.
OPL 325 was also identified as a target in LEKOIL’s regional basin study covering the Dahomey Basin. The OPL 325 licence area is located in the offshore Dahomey Basin within the wrench zone that straddles the western Niger Delta and is located 50km to the south of OPL 310.
Located in the eastern Niger Delta basin at the estuary of the Calabar River, within a transition zone, which consists of dry, flat land, freshwater rain forest swamps, mangrove swamps and beaches in Akwa Ibom State. The asset is partly onshore (land and swamp) and partly shallow marine (tidal river estuary) block, comprising 524 sq. km, of which around 250 sq.km is located offshore and 274 sq.km is located onshore. The License is within 20 kilometres from three existing producing fields, Effiat
Copyright © 2021 LEKOIL Nigeria Limited - All Rights Reserved.