Lekoil announces successful well test at the Otakikpo Marginal Field

AIM-listed Lekoil, the oil and gas exploration and development company with a focus on Africa, has announced an update on operations from the Otakikpo Marginal Field.
The Otakikpo-002 well flowed oil from two upper zones during two production tests concluded on 10 April 2016. The C5 zone flowed at a peak rate of 6,404 bopd at a 36/64 choke while the C6 zone successfully flowed oil at a peak rate of 5,684 bopd at a 36/64 inch choke, for over 24 hours. Production testing at the well was curtailed due to storage capacity limits on well-testing equipment.
The Company expects to start commercial production by the end of Q2 2016.
Lekan Akinyanmi, Lekoil’s CEO, said,

“In about a year and half, Lekoil and its partner GEIL have managed to bring to life a marginal oil field which is expected to produce 10,000 bopd by year-end demonstrating its technical and financial strengths as well as illustrating the fast-track approach by the Department of Petroleum Resources to developing previously marginal fields and unlocking value for the benefit of Nigeria.
Lekoil as a Financial and Technical partner also commends the support of its stakeholders and host communities whose people and services stand to realise sustainable value. These successful tests represent another major step towards continuous production and are the most significant accomplishment since operations began – demonstrating our disciplined approach to developing an asset efficiently. Safety remains our key priority and we will continue applying the highest standard to our operations as we grow production to, and beyond, our initial Phase 1 target.”

Source: Lekoil
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