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Otakikpo Update Contract Signed to Acquire 3D S...
Otakikpo Update Contract Signed to Acquire 3D S....
About this update from Fenikso Ltd
[{"type":"text","content":"\n \nLEKOIL LIMITED (LEK)LEKOIL LIMITED: Otakikpo Update Contract Signed to Acquire 3D Seismic for Phase Two04-Jan-2018 / 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\n4 January 2018 \n\n \n\nLEKOIL Limited \n\n(\"LEKOIL\" or the \"Company\")\n\n \n\nOtakikpo UpdateContract Signed to Acquire 3D Seismic for Phase Two  \n\nLEKOIL (AIM: LEK), the oil and gas exploration, development and production company with a focus on West Africa, announces that its joint venture with Green Energy International Limited (\"GEIL\") has signed a contract with Sinopec Changjiang Engineering Services Limited to acquire 197 sq km of 3D seismic data at the Otakikpo Marginal Field (\"Otakikpo\") in OML 11, onshore and offshore in the south-eastern part of the Niger Delta, to update the existing 2D coverage. The seismic acquisition over Otakikpo is expected to commence in Q1 2018 to kick-off phase two development of Otakikpo. All relevant permits are currently being pursued prior to commencing mobilszation.\n\n \n\nFollowing the completion of this seismic acquisition, the Company will then process and interpret the new 3D seismic data, subsequently releasing an updated Competent Person's report. Otakikpo currently has an estimated 56.6 mmbls of gross unrisked 2C contingent resources and an additional 163.0 mmbls gross of Stock Tank Oil Initially In Place (STOIIP) upside on a P50, unrisked basis (AGR TRACS International, Competent Persons Report 2014). \n\nAs the Otakikpo field nears Phase One target production of 10,000 bopd, the Joint Venture is now focused on Phase Two of the Otakikpo Field Development Plan which aims to increase steady state production up to approximately 20,000 bopd. \n\n \n\nLekan Akinyanmi, LEKOIL's CEO, said, \"With significant milestones already achieved in 2017 as the Otakikpo Technical and Financial Partner, today's announcement demonstrates LEKOIL's progress into the next phase of delivery and growth. The Company expects the Phase Two development to be fully funded by industry players, which the Company is already in discussions with.\"\n\n \n\nFor further i...