LEKOIL, the oil and gas exploration, development and production company with a focus on Africa, is pleased to announce its second export from the Otakikpo Marginal Field (“Otakikpo”) in OML 11.

Approximately 250,000 barrels of gross production have been lifted from the FSO Ailsa Craig by Shell Western Supply and Trading Limited (“Shell Trading”), a subsidiary of Royal Dutch Shell.

Under the terms of the Crude Sales Agreement with Shell Trading, the Company is due to receive its share of the payment for this crude within the next month.

With regular liftings from Otakikpo underway, the Company does not intend to provide updates for each export. The Company expects to provide export updates concurrent with the Company’s reporting dates going forward.

Current production at Otakikpo is approximately 5,500 bopd. The Company continues to focus on ramping up to Phase One target production of 10,000 bopd.

 

Source: Press Release

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