Lekoil Achieves First Oil from Otakikpo in Niger Delta

Lekoil announced Monday the start of oil production from the Otakikpo Marginal Field in OML 11, which is located on the shore line in the south-eastern part of the Niger Delta.

First oil flowed to surface at the Otakikpo-002 well late on September 5, 2015 with production testing being conducted over the weekend. The well flowed oil at various choke sizes for over 24 hours at a peak rate of 5,703 barrels of oil per day. Based on these preliminary results, the directors of Lekoil believe that the original production estimate of the well is likely to be exceeded, although further testing and analysis will be required before the company is able to provide formal guidance.

Otakikpo-002 will now be temporarily suspended to allow completion and testing of its upper C5 zone, before the company commences an official well-test program. Re-entry operations are expected to start on Otakikpo-003 in the near future, and the company expects this well to come on stream around year end.

Lekan Akinyanmi, Lekoil’s CEO, commented in a company statement:

“We are delighted to announce that Lekoil is now an oil producer. We always believed in the potential of Otakikpo but the production rate from the first re-entered well has exceeded our expectations. This is a real achievement for the Otakikpo joint venture. I would like to thank the entire team that has worked so hard to deliver this result, our partners Green Energy, investors and our host communities for their continued support.”

“However, there is a lot more to be done. We expect to finalize the evacuation infrastructure during the official well test period and determine the optimal production rate that maximizes value from the two wells. Production at Otakikpo represents the first major step in fulfilling our strategy to be the world’s leading E&P company focused on Africa and maximizing value for our stakeholders and host communities in a sustainable manner. Safety remains our key priority and we will continue applying the highest standard to our operations as we grow production to, and now beyond, our initial Phase 1 target.”

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