Lekoil plans for prospective offshore Nigeria license

Offshore staff

LAGOS, NigeriaLekoil has taken a controlling interest in the OPL 325 lease in the Dahomey basin offshore Nigeria by acquiring 88.57% of operator Ashbert Oil and Gas.

The deal involves an initial consideration of $16.08 million, with further payments of $24.12 million due on attaining developmental milestones.

Lekoil plans a share placement to secure funds for the deal.

OPL 325 is 50 km (31 mi) south of OPL 310, within the offshore Dahomey basin wrench zone that straddles the western Niger Delta. Lumina Geophysical has completed a review of the license that indicates potential oil in place of 5.7 Bbbl, with 2 Bbbl recoverable based on analogies.

The study identified several large prospects with associated channel complexes. Lekoil has now started detailed processing of existing 3D seismic, and aims to bring in large partners for any future development.

In addition, the company is in discussions with the administrator for Afren to acquire the latter’s stake in OPL 310, which includes the 232-MMboe Ogo prospect.

10/28/2015

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