Sign up Australia
Proactive Investors - Run By Investors For Investors
Why invest in LEK?
Lekoil Ltd: THE INVESTMENT CASE

Lekoil confirms start of continuous oil production in Nigeria

Otakikpo will now be ramped up from 5,000 bopd to 10,000 bopd over the coming months.
Lekoil oil field development operations at Otakikpo project
INVESTMENT OVERVIEW: LEK The Big Picture
Otakikpo was developed in what was a swamp location

Lekoil Ltd (LON:LEK) has declared that the Otakikpo oil field in Nigeria is now in continuous production.

The company highlighted that in recent weeks it has completed commissioning of a six kilometre pipeline, as well as both onshore and offshore infrastructure, and the operation has been signed off by regulators.

Initial production is in line with the company’s expectations, at around 5,000 barrels of oil per day.

It is now targeting a ramp up to 10,000 barrels per day by the end of the second quarter of 2017.

"Lekoil is now a producing company,” said Lekan Akinyanmi, Lekoil chief executive.

“I would again like to thank the entire team that has worked so hard on this project, our partner Green Energy, our investors and debt financiers, our host communities and our government regulators for their continuing support. 

“The Otakikpo project began in a swamp location with no infrastructure and our team delivered production in under two years with, importantly, nearly 915,000 hours without any lost time injuries.  I am extremely proud of our people's achievements."

The company separately announced the appointment of a new chief financial officer, with Bruce Burrows joining from February 27.

Burrows joins from Seven Energy, a privately owned integrated gas group in Nigeria, and he was previously finance director for JKX Oil & Gas.

Lekoil chairman Samuel Adegboyega said: “We are delighted to welcome Bruce to LEKOIL. His experience working in Nigeria, his knowledge of the investment and banking communities and his experience at a producing company will be invaluable to us as we embark on the next chapter in LEKOIL's development. "



Jamie_55a91591db06b.jpg


Register here to be notified of future LEK Company articles
View full LEK profile View Profile

Lekoil Ltd Timeline

Newswire
September 28 2017

Related Articles

oil and gas operations
October 05 2017
Sound Energy is stripping out its Italian assets as it continues to focus on new Moroccan programmes
A Highland oil rig
September 08 2017
WH Ireland's analysts noted "that frack crews today are in demand and the company is clearly being prioritised by service companies not known for providing favours to junior oil companies”
onshore oil rig silhouette
June 13 2017
At the end of May 496 barrels of oil was collected and sold from the project, meaning Mosman is no longer just an explorer

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2017

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use