Lekoil Announce First Oil is expected to Flow from Otakikpo-002

Lekoil Announce First Oil is expected to Flow from Otakikpo-002

Lekoil (AIM: LEK), the oil and gas exploration and development company with a focus on Nigeria and West Africa more generally, announces the following update regarding operational activity at the Otakikpo Marginal Field (“Otakikpo”).

Re-entry activities on Otakikpo-002 commenced with the successful drilling-out of the cement plugs in the 9⅝” casing. While attempting to drill-out the cement plugs in the 7” liner, the rig crew noticed a potential critical safety issue around the crown block of the rig which has forced temporary suspension of re-entry activities, for safety reasons, pending repairs and replacement of equipment. No injuries were incurred due to the proactive actions of the trained rig crew.

Safety remains the highest priority to Lekoil and its partner Green Energy International Limited (GEIL). Replacement parts may be sourced from outside the country and costs relating to the replacement of the rig equipment will be carried entirely by the drilling company, not Lekoil.

As a consequence of this interruption, first oil is now expected to flow from the Otakikpo-002 to the Early Production Facility (“EPF”) by the end of Q3 2015.

Lekan Akinyanmi, Lekoil’s CEO, said,

“Phase 1 operations at Otakikpo are underway and we look forward to announcing first oil by end of Q3 2015. Safety remains our key priority and we will continue applying the highest standard to our operations. The Company would like to thank
Shareholders for their continued support.”

Source: Lekoil

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