Business
Half Year Results for the Six Months to 30 June...
Half Year Results for the Six Months to 30 June....
About this update from Fenikso Ltd
[{"type":"text","content":"\n \nLEKOIL LIMITED (LEK)LEKOIL LIMITED: Half Year Results for the Six Months to 30 June 201728-Sep-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.\n\n28 September 2017\n\n \n\nLekoil Limited\n\n(\"LEKOIL\" or the \"Company\" or the \"Group\")\n\n \n\nHalf Year Results for the Six Months to 30 June 2017\n\n \n\nLEKOIL (AIM: LEK), the oil and gas exploration and development company with a focus on Nigeria and West Africa, reports half year results for the six months to 30 June 2017.\n\n \n\nHighlights\n\n \n\nOperational\n\nContinuous commercial production and cash flow generation at Otakikpo;\n Otakikpo production now increased from 6,000 bopd at period end to 7,000 bopd;\n Some 1 million barrels of oil produced from Otakikpo to date;\n The Otakikpo project has now recorded over one million hours with no lost time injuries;\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, and;\n Receipt of Ministerial Consent for the transfer of initial 17.14% participating interest on OPL310 farm-in.\n \n\nFinancial\n\nOperating loss of US$13.72 million; \n Period end cash of $6.4m, an increase of $2m.\n \n\nOutlook\n\nOtakikpo production to progress towards steady-state Phase 1 target of 10,000 bopd around 2017 year-end, and;\n Plans progressing to finance and appraise Ogo discovery in OPL 310.\n \n\nLekan Akinyanmi, LEKOIL' S CEO, commented, \"We have a high quality producing asset in Otakikpo where we are ramping up production and a very exciting discovery to appraise and develop in OPL 310. We believe that we have the technical and commercial teams to be able to achieve both these objectives to generate significant value for our shareholders, partners and communities.\"\n\n \n\nFor further information, please visit www.lekoil.com or contact:\n\n \n\n\n LEKOIL Limited\n\n Alfred Castaneda, Investor Relations\n\n Hamilton Esi, Corporate Communications\n\n  \n \n \n  \n\n +44 ...