LEKOIL (AIM: LEK), the oil and gas exploration, development and production company with a focus on Africa, provides an update on OPL310 (the “Block”) with reference to the Company’s Application for a Declaration regarding Ministerial Consent filed at the Federal High Court, Lagos on March 28, 2018.
Further to the Company’s announcement on 23 January 2019, the matter came up for mention at the Federal High Court in Lagos on 24 January 2019. A summary briefing was given and a subsequent adjourned court date of 7 February 2019 was assigned for the hearing.
The parties remain in negotiations aimed at seeking a satisfactory conclusion for all parties on the above matter. LEKOIL and Optimum continue commercial discussions regarding the financial and technical obligations of both parties in the block once development work is underway. LEKOIL will provide further updates to the market as appropriate. The Company is represented by Fidelis Oditah QC, SAN.