Lekoil revises Otakikpo oil reserves offshore Nigeria

Lekoil (AIM: LEK) has received an addendum to the Competent Persons Report on the Otakikpo marginal field by AGR TRACS International Ltd.

Offshore staff

LAGOS, Nigeria –Lekoil (AIM: LEK) has received an addendum to the Competent PersonsReport on the Otakikpo marginal field by AGR TRACS International Ltd. The revision considers   the approval by the Nigerian Ministry of Petroleum of the planned recompletions of the 002 and 003 wells in OML 11.

Otakikpo is offshore Nigeria in the eastern part of the Niger Delta.

The addendum places Phase 1 gross 1P Proved Reserves of 8.43 MMbbl, Phase 1 gross 2P Proved and Probable Reserves of 14.99 MMbbl, and Phase 2 gross 2C unrisked Contingent Resources of 41.61 MMbbl.

Field development now consists of two phases. Phase 1 comprises the recompletions of the 002 and 003 wells with the installation of an early production facility with a capacity of 6,000 b/d and export via shuttle tanker. This is, expected to come in the first half of 2015. Phase 2 covers the subsequent incremental development of the rest of the field with a new central processing facility and seven new wells coming onstream from early 2017.

01/21/2015

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