Tuesday, 18 June 2013

Lekoil Limited Proposed Acquisition of Interest in OML113

Lekoil, the AIM listed oil and gas exploration and development company focused on West Africa, is pleased to announce that Lekoil Nigeria Limited, a wholly owned subsidiary of Lekoil (Nigeria) Limited has agreed to acquire a 6.502 per cent participating interest in Oil Mining Lease 113 ("OML113") offshore Nigeria from Pan Petroleum Aje Limited ("PPAL"), a wholly owned subsidiary of Panoro Energy ASA ("Panoro"), for a consideration of US$30 million.
The proposed acquisition is for a 6.502% participating interest (representing c. 16.3% cost interest and c. 12.2% revenue interest) from a subsidiary of Panoro Energy.
Chief executive Lekan Akinyanmi said: "The acquisition of an interest in the Aje field, adjacent to our existing interest in OPL310, is exactly in line with our strategy to focus on assets in corridors of interest identified in our detailed evaluation programme when we established Lekoil.

"It also brings us potential near term production in line with our ambition to create a producing business with higher upside appraisal and exploration assets. In addition, we continue to assess further opportunities. "This acquisition sees us well on our way to realising our vision for Lekoil and its shareholders, following our Admission to AIM last month."
OML113 is located offshore Nigeria in the Benin Embayment along the West African Transform Margin adjacent to Oil Prospecting Lease 310 ("OPL310"), in which Mayfair Assets & Trusts Limited, a subsidiary of Lekoil Nigeria, has an ultimate 30 per cent economic interest. The OML113 licence area contains the Aje oil and gas field ("Aje"), for which AGR TRACS International Ltd, in its recently updated Competent Persons Report ("CPR"), estimated Contingent Resources of 198.7 mmboe

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