Business
Final Results for the Year to 31 December 2016
Final Results for the Year to 31 December 2016.
About this update from Fenikso Ltd
[{"type":"text","content":"\n \nLEKOIL LIMITED (LEK)LEKOIL LIMITED: Final Results for the Year to 31 December 201621-Jun-2017 / 07:00 GMT/BSTDissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.The issuer is solely responsible for the content of this announcement.\n21 June 2017\n\nLekoil Limited(\"LEKOIL\", the \"Group\" or the \"Company\")\n\nFinal Results for the Year to 31 December 2016LEKOIL (AIM: LEK), the Africa focused oil and gas exploration and production company with interests in Nigeria and Namibia, announces final audited results for the year to 31 December 2016. All figures are in US dollars unless otherwise indicated.\n\nHighlights \n\nContinuous commercial production and cash flow generation at Otakikpo;\n $15m Shell offtake facility secured on Otakikpo production provides liquidity to complete Phase 1 development and ramp up production to 10,000 bopd by year end;\n Completion of interpretation of 3D seismic data acquired over the whole of OPL 310 which contains the Ogo discovery (774 mmboe P50 Gross Risked Prospective Resources);\n Planning for appraisal drilling of Ogo underway, with a prospective spud date in 1Q 2018, subject to agreement with potential financing partners;\n MoU signed with GE Oil & Gas for the development of a work programme for the Ogo field;\n Receipt of Ministerial Consent for transfer of initial 17.14% participating interest on OPL310 Farm-in;\n Establishment of LEKGAS to monetise associated gas assets; and\n The Otakikpo project has now recorded over one million hours with no lost time injuries.\nSamuel Adegboyega, Chairman, said, \"Our two priorities are to focus our resources on growing our low cost production from Otakikpo and to appraise and monetise the resources in the shallow water Ogo discovery. 2017 is an important year for LEKOIL as we grow Otakikpo production towards the Phase 1 steady state. A secondary focus will be on the evaluation and exploration of surrounding prospects in both OPL 310 and the Otakikpo licence area.\"\n\nLekan Akinyanmi, Lekoil's CEO, added, \"The successful transition of LEKOIL to a producing business generating operating cash flow will, in the medium term, allow us to fund Phase 2 of Otakikpo's development which will lead to incremental production. Cash generated from Otakikpo will...