Lekoil receives ministerial consent for OPL310 farm-in

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LEKOIL (AIM: LEK), the oil and gas exploration, development and production company with a focus on West Africa, is pleased to announce that the Honourable Minister of Petroleum Resources of Nigeria has granted consent to complete the transfer of the original 17.14% participating interest that LEKOIL acquired in OPL 310 in February 2013 to Mayfair Assets and Trust Limited, a subsidiary of LEKOIL.

LEKOIL’s acquisition of Afren plc’s (“Afren”) remaining 22.86% participating interest in OPL 310 (through LEKOIL 310 Limited, a wholly owned subsidiary of LEKOIL) as announced on 1 December 2015 remains conditional upon receiving Ministerial Consent.

Lekan Akinyanmi, LEKOIL’s CEO, said, “We are delighted to have received ministerial consent on our original 17.14% participating interest in OPL 310. This is an asset with tremendous potential and I am delighted that we have achieved this significant milestone. We thank the Department of Petroleum Resources for their diligence and fostering an environment that encourages the attraction of investment in the Nigerian Oil and Gas sector.”

 

Source: Press Release