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."

Have a news tip? Share it with Rigzone!
Email news@rigzone.com


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.


Our Privacy Pledge

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  What Kind of Salary Can You Get as an ... (Aug 18)
 -  Shell Divests Stake in Saudi JV (Aug 16)
 -  Saipem to Build Pipelines for Kuwait R... (Aug 16)
 -  The Trick to Nailing Your Electrical E... (Aug 10)
 -  Jacobs Expands MSA for Chevron's US Re... (Aug 9)

Most Popular Articles

From the Career Center
Jobs that may interest you
Fabrication Project Superintendent
Expertise: Fabrication|Project Management
Location: Houma, LA
Senior Vice President, Operations
Expertise: Executive|Operations Management
Location: Houston, TX
Sr. Contract Specialist
Expertise: Contracts Administration|Contracts Engineer|Legal
Location: Chesterfield, MO
search for more jobs

Brent Crude Oil : $52.72/BBL 3.31%
Light Crude Oil : $48.51/BBL 3.01%
Natural Gas : $2.89/MMBtu 1.36%
Updated in last 24 hours