Lekoil Plans OML113 Block Acquisition

Junior explorer Lekoil announced Tuesday that it is planning to acquire a 6.5-percent participating interest in the OML113 block, offshore Nigeria, for $30 million.

The OML113 block is located in the Benin Embayment along the West African Transform Margin adjacent to the OPL310 block, in which Lekoil has a 30-percent economic interest. 

The block contains the Aje oil and gas field, which is estimated to hold un-risked 2C contingent resources to be 198.7 million barrels of oil equivalent (MMboe), with around 50 percent of these resources being liquid hydrocarbons. Net un-risked 2C contingent resources attributable to Lekoil Nigeria will be approximately 25.3 MMboe.

Lekoil CEO Lekan Akinyanmi commented in a company statement:

"The acquisition of an interest in the Aje field, adjacent to our existing interest in OPL310, is exactly in line with our strategy to focus on assets in corridors of interest identified in our detailed evaluation program when we established Lekoil. It also brings us potential near term production in line with our ambition to create a producing business with higher upside appraisal and exploration assets. In addition, we continue to assess further opportunities."

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