LEKOIL (AIM: LEK), the oil and gas exploration, development and production company with a focus on Africa, announces that the 3D seismic acquisition and processing operations undertaken by Sinopec Changjiang Engineering Services Limited (Sinopec) at Otakikpo in which Lekoil has a 40 per cent interest have now been completed. The Company has commenced the data interpretation stage, the results of which will form the basis of an updated Competent Person’s Report to be published in Q1 2019. The seismic data interpretation is expected to complete by year-end 2018.
The Joint Venture partners, LEKOIL as Financial and Technical Partner and Green Energy International Limited as Operator, remain focused on Phase Two of the Otakikpo Field Development Plan, which aims to increase steady state production from the field up to approximately 20,000 bopd. The completion of this seismic survey, and planned development wells in the Phase Two programme, will assist the Joint Venture in optimising development and production. The Company is in discussions with potential industry partners with a view to one or more parties agreeing to fund Phase Two development costs.