Lekoil announce Half Year Results for six months ended 30 June 2014
3D seismic acquisition programme on OPL310 completed successfully, processing of the data is currently underway.
Acquisition of a 40 per cent. participating and economic interest in the Otakikpo Marginal Field provides access to potential early production.
Otakikpo CPR post period end contained a 57.6% increase in gross 2C oil resource estimates to 56.75 mmbbl
The Group is currently in discussions with a number of banks regarding provision of debt facilities for the development of Otakikpo.
Evaluation of opportunities to grow the asset portfolio continues.
Total comprehensive loss of $5.3m for the six months ended 30 June 2014 (2013: $8.8m)
Cash at period end of $61.7m ($66.6m at 31 December 2013, $5.9m at 30 June 2013)
Processing of the OPL 310 seismic data is ongoing with fast-track and time-migrated seismic volumes expected in Q4 2014, prior to further drilling in 2015. Detailed well planning and engineering studies are underway.
Otakikpo field development planning underway with production currently expected to commence in the second half of 2015.
Lekan Akinyanmi, Lekoil’s CEO, commented, “Our priorities are the appraisal of the Ogo discovery and the development of Otakikpo. We remain committed to our strategy of building a substantial, Africa focused E&P business, diversified by risk, maturity of assets and geography.”