Lekoil, the oil and gas exploration, development and production company with a focus on Africa, has announced that the Company has written to the Federal Ministry of Petroleum Resources for a relief from enforcement of expiration of the exploration licence for lease OPL 310 in which it holds an unconditional 17.14 per cent interest and an additional 22.86 per cent interest, which is subject to Ministerial consent.

LEKOIL has requested that the Ministry grant an extension of the license beyond February 2019 in order to recover the three years and one month lost due to regulatory delays beyond the control of the Company and thereby enable the current holders of participating interests in OPL 310 to fulfil the requirements for the conversion of OPL 310 to an OML.

LEKOIL believes it has valid grounds under the relevant Petroleum Act of 1969 for being granted an extension, and will provide an update in due course.

Source: Lekoil