Business
Confirmation of completed Optimum Payment
Confirmation of completed Optimum Payment.
About this update from Fenikso Ltd
[{"type":"text","content":"\n \n \n RNS Number : 1326T\n Lekoil Limited\n 15 July 2020\n \n \n \n \n 15\n July 2020\n \n \n \n \n \n Lekoil Limited\n \n \n (\"LEKOIL\" or the \"Company\")\n \n \n \n \n \n Confirmation of completed Optimum Payment\n \n \n LEKOIL (AIM: LEK), the oil and gas exploration and production company with a focus on Nigeria and West Africa, announces today that the Company, in accordance with the agreement which was announced on the 30 April 2020, has received confirmation that the payment of US$1.0 million to Optimum Petroleum Development Company (\"Optimum\"), the Operator of the OPL 310 Licence, to cover the portion of sunk costs and consent fees due on or before 15 July 2020, has been completed.\n \n \n The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.\n \n \n \n \n \n For further information, please visit \n \n \n www.lekoil.com\n \n \n or contact:\n \n \n \n \n \n LEKOIL Limited\n \n \n Ore Bajomo, Investor Relations\n \n \n \n \n \n \n \n +44 20 7457 2020\n \n \n \n \n \n \n Strand Hanson Limited (Financial & Nominated Adviser)\n \n \n James Spinney / Ritchie Balmer / Georgia Langoulant\n \n \n \n \n \n \n \n +44 20 7409 3494\n \n \n \n \n \n \n Mirabaud Securities Limited (Broker)\n \n \n Peter Krens / \n Edward Haig-Thomas\n \n \n \n \n \n \n \n +44 20 7878 3362 / +44 20 7878 3447\n \n \n \n \n \n \n Instinctif (Financial PR)\n \n \n Mark Garraway / Dinara Shikhametova / Sarah Hourahane\n \n \n \n \n +44 20 7457 2020\n \n \n [email protected]\n \n \n \n \n \n \n \n \n Background on OPL310\n \n \n In 2013, the first exploration well (Ogo-1) drilled by the OPL 310 partners - then consisting of Optimum, LEKOIL and Afren - was the Ogo prospect, a four-way dip-closed structure in the Turonian to Albian sandstone reservoirs. The drilling programme included a planned side-track well (Ogo-1 ST) which aimed to test a new play of stratigraphically trapped sediments at the basement of the Ogo prospect. The Ogo-1 well encountered a gross hydrocarbon section of 524ft, with 216ft of net stacked pay whilst the Ogo...